E1-11 Preparing an Income Statement and Balance Sheet L01-1 Painter Corporation was organized by five Individuals on January 1 of the current year. At the end of January of the current year, the following monthly financial data are available: Total revenues Total expenses (excluding income taxes) Income tax expense (all unpaid as of January 31) Cash balance, January 31 Receivables from customers (all considered collectible) Merchandise inventory (by Inventory count at cost) Payables to suppliers for merchandise purchased from then (will be paid during February current year) Connon stock $3es.ee 189.eee 35.000 65,150 44,7ee 94.5ee 25 950 No dividends were declared or pald during January Required: Complete the following two statements: PAINTER CORPORATION Income Statement Total venues Less Total expenses (excluding income tax) Pretcome Less Thcome facce PAINTER CORPORATION Balance Sheet Assets Cash Receivables from customers Merchandise inventory Total assets Liabilities Payables to suppliers Income taxes payable Total abilites Stockholders Equity Common stock Retained earnings Total stockholders equity Total abilities and stockholders equity |