Painter Corporation Was Organized By Five Individuals On January 1 2013 At The End Of January 2013 The Following Mont 1 (138.14 KiB) Viewed 17 times
Painter Corporation was organized by five individuals on January 1, 2013. At the end of January 2013, the following monthly financial data are available: 306,000 Total revenues 185,000 Total expenses (excluding income taxes) Income tax expense (all unpaid as of January 31) 33,300 Cash balance, January 31, 2013 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 2013) Common stock (2,600 shares) No dividends were declared or paid during 2013. Required: Complete the following two statements: $ 66,850 33,300 95,900 26,550 48,500
No dividends were declared or paid during 2013. Required: Complete the following two statements: 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 income
Assets PAINTER CORPORATION Balance Sheet At January 31, 2013 Cash Receivables from customers Merchandise inventory Payables to suppliers Income taxes payable Total assets Liabilities Total liabilities Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity
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