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Painter Corporation was organized by five individuals on January 1, 2013. At the end of January 2013, the following monthly financial data are available: Total
Painter Corporation was organized by five individuals on January 1, 2013. At the end of January 2013, the following monthly financial data are available: |
Total revenues | $ | 294,000 |
Total expenses (excluding income taxes) | 179,000 | |
Income tax expense (all unpaid as of January 31) | 33,500 | |
Cash balance, January 31, 2013 | 67,050 | |
Receivables from customers (all considered collectible) | 33,500 | |
Merchandise inventory (by inventory count at cost) | 96,500 | |
Payables to suppliers for merchandise purchased from them (will be paid during February 2013) | 27,950 | |
Common stock (2,600 shares) | 54,100 | |
How will I complete this statement?
PAINTER CORPORATION Income Statement For the Month of January 2013 Total revenues Less: Total expenses (excluding income tax) Pretax income Less: Income tax expense Net incomeStep by Step Solution
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