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 $ 299,000

Total expenses (excluding income taxes) 192,000

Income tax expense (all unpaid as of January 31) 33,200

Cash balance, January 31 66,950

Receivables from customers (all considered collectible) 33,200

Merchandise inventory (by inventory count at cost) 95,700

Payables to suppliers for merchandise purchased from them (will be paid during February current year) 27,350

Common stock 61,500

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 them $ 299,000 192,000 33,200 66,950 33,200 95,700 (will be paid during February current year) Common stock 27,350 61,500 No dividends were declared or paid during January Required Complete the following two statements PAINTER CORPORATION Income Statement Total revenues Less: Total expenses (excluding income tax) Pretax income Less: Income tax expense Net income $ 299,000 192,000 107,000 33,200 73,800 PAINTER CORPORATION Balance Sheet At January 31, Current Year Assets Cash Receivables from customers Merchandise inventory S66,950 33,200 95.700 S 195,850 Total assets Liabilities Payables to suppliers Income taxes payable 27,350 33.200 60,550 Tota liabilities Stockholders Equity 61,500 73,800 135,300 Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity S 95,850