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1 01:49:55 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 paid during February 2020) Contributed capital (2,500 shares) No dividends declared in January 2020. DUCHARME CORPORATION Summary Statement of Earnings For the Month of January 2020 Required: 1. Prepare a summarized statement of earnings for the month of January 2020. Total revenues Less: Total expenses (excluding income taxes) Earnings before income taxes Add: Income tax expense $ $ $318,000 206,100 35,096 70,850 40,200 102,300 318,000 206,100 111,900 35,096 $76,804 43,950 57,500 Prev 1 of 28 BE C Next >
=49:13 N Cash Receivables from customers Merchandise inventory Total assets DUCHARME CORPORATION Statement of Financial Position As at January 31, 2020 Assets Liabilities: Liabilities and Shareholders' Equity Payables to suppliers Income taxes payable Total liabilities Shareholders equity Contributed capital Retained earnings Total liabilities and shareholders' equity $ $ $ $ 70,850 40,200 102,300 213,350 43,950 35,096 79,046 57,500 76,608 213,154 Prav