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 $ 293,000 Total expenses (excluding income taxes) 194,000 Income tax expense (all unpaid as of January 31) 34,300 Cash balance, January 31 66,350 Receivables from customers (all considered collectible) 34,300 Merchandise inventory (by inventory count at cost) 95,000 Payables to suppliers for merchandise purchased from them (will be paid during February current year) 28,150 Common stock 68,500 No dividends were declared or paid during January.

Required: Complete the following two statements:

Income statement

Total revenue

Less: Total expenses

Pretax Income tax expenses

Net Income

Balance sheet

Assets

cash

Receivable from customers

merchandise inventory

Total assets

liabilities

payable to suppliers

income taxes payable

total liabilities

stakeholders equity

common stock

retained earnings

Total stockholders

Total liabilities and stockholders equity