Clay Corporation was organized by five individuals on January 1, 2003. At the end of January 2003, the following monthly financial data are available:

Required:
Complete the following two statements:

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Total revenues $130,000 Total expenses (excluding income taxes) 80,000 Income tax expense (all unpaid as of January 31) 15,000 Cash balance, January 31, 2003 30,000 Receivables from customers (all considered collectible) 15,000 Merchandise inventory (by inventory count at cost) 42,000 Payables to suppliers for merchandise purchased from them (will be paid during February 2003) 11,000 Contributed capital (2,600 shares) 26,000 No dividends were declared or paid during 2003.