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please help out Ducharme Corporation was organized by five individuals on January 1, 2020. At the end of January 20% financial data are available: Total
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Ducharme Corporation was organized by five individuals on January 1, 2020. At the end of January 20% financial data are available: Total revenues Total expenses (excluding income taxes) Income tax expense (all unpaid as at January 31) Cash balance, January 31, 2020 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 2020) Contributed capital (3,100 shares) $311,000 199,800 34,876 68,750 38,100 100, 200 24,550 71,300 No dividends declared in January 2020. Required: 1. Prepare a summarized statement of earnings for the month of January 2020. DUCHARME CORPORATION at of Farnings Prepare a summarized statement of earnings for the month of Januar DUCHARME CORPORATION Summary Statement of Earnings For the Month of January 2020 Total revenues 0 Earnings before income taxes 0 2. Prepare a statement of financial position at January 31, 2020. DUCHARME CORPORATION Statement of Financial Position As at January 31, 2020 Assets 55 Total assets $ 0 Liabilities and Shareholders' Equity Liabilities Total assets $ 0 Liabilities and Shareholders' Equity Liabilities: 0 Total liabilities Shareholders' equity: Liabilities: 0 Total liabilities Shareholders' equity: EA 0 Total liabilities and shareholders' equityStep by Step Solution
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