E1-11 Preparing an Income Statement and Balance Sheet Page 32 E1-11 Preparing an Income Statement and Balance Sheet GL01-1 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) Payubles to suppliers for merchandise purchased from them (will be paid during February of the current year) Common stock 5305.000 189.000 35.000 65.150 44,700 94.500 25,950 62.400 No dividends were declared or paid during January Required: Complete the following two statements: PAINTER CORPORATION Income Statement For the Month of January, Current Year Total revenues $ 1 Less: Total expenses (excluding income tax) Pretax income Less: Income tax expense Net income $ PAINTER CORPORATION Balance Sheet At January 31, Current Year Assets Cash $ Receivables from customers Merchandise inventory Total assets $ Liabilities Payables to suppliers Income taxes payable Total liabilities Stockholders' Equity Common stock