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 (will be paid during February current year) Common stock $302,000 196,000 34,200 65,450 34,200 96,200 26,750 63,100 No dividends were declared or paid during January Required: Complete the following two statements: Complete this question by entering your answers in the tabs below. Income Statement Balance sheet Complete the following statements: PAINTER CORPORATION Income Statement Total revenues Less: Total expenses (excluding income tax) Pretax income Less: Income tax expense Net income Balance sheet > Merchandise inventory (by inventory count at cost) Payables to suppliers for merchandise purchased from them (will be paid during February current year) Common stock 96,200 26,750 63,100 No dividends were declared or paid during January Required: Complete the following two statements: Complete this question by entering your answers in the tabs below. Income Statement Balance sheet Complete the following statements: PAINTER CORPORATION Balance Sheet Assets Cash Receivables from customers Merchandise inventory Total assets Liabilities Payables to suppliers Income taxes payable Total liabilities Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity