Ducharme Corporation Was Organized By Five Individuals On January 1 2020 At The End Of January 2020 The Following Mon 1 (37.49 KiB) Viewed 15 times
Ducharme Corporation Was Organized By Five Individuals On January 1 2020 At The End Of January 2020 The Following Mon 2 (88.25 KiB) Viewed 15 times
Ducharme Corporation was organized by five individuals on January 1, 2020. At the end of January 2020, the following monthly 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 i paid during February 2020) Contributed capital (3,300 shares) No dividends declared in January 2020. Total revenues Required: 1. Prepare a summarized statement of earnings for the month of January 2020. DUCHARME CORPORATION Summary Statement of Earnings For the Month of January 2020 $306,000 195,300 34,720 67,250 36,600 98,700 Earnings before income taxes 15,950 75,900
2. Prepare a statement of financial position at January 31, 2020. Total assets Liabilities: DUCHARME CORPORATION Statement of Financial Position As at January 31, 2020 Assets Liabilities and Shareholders' Equity Total liabilities Shareholders' equity. Total liabilities and shareholders' equity
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