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Skater Corporation was organized by 8 individuals on January 1 of the current year. At the end of January of the current year, the following
Skater Corporation was organized by 8 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$ 308,000Total expenses (excluding income taxes)189,000Income tax expense (all unpaid as of January 31)33,100Cash balance, January 3165,550Receivables from customers (all considered collectible)33,100Merchandise inventory (by inventory count at cost)95,700Payables to suppliers for merchandise purchased from them (will be paid during February of the current year)28,450Common stock46,900No dividends were declared or paid during January.
Complete the following two statements:
Income Statement Total revenues Less: Total expenses (excluding income tax) Pretax income Less: Income tax expense Net income Balance Sheet \begin{tabular}{l|l} \hline Assets & \\ \hline Cash & \\ \hline Receivables from customers & \\ \hline Merchandise inventory & \\ \hline Total assets & \\ \hline Liabilities & \\ \hline Payables to suppliers & \\ \hline Income taxes payable & \\ \hline Total liabilities & \\ \hline Stockholders' Equity & \\ \hline Common stock & \\ \hline Retained earnings & \\ \hline Total stockholders' equity & \\ \hline Total liabilities and stockholders' equity & \\ \hline \end{tabular}
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