Question

Ducharme Corporation was organized by five individuals on January 1, 2014. At the end of January 2014, the following monthly financial data are available:
Total revenues....................... $ 299,000
Total expenses (excluding income taxes) ........... 189,000
Income tax expense (all unpaid as at January 31) ......... 34,500
Cash balance, January 31, 2014 ................ 65,150
Receivables from customers (all considered collectible) ...... 34,500
Merchandise inventory (by inventory count at cost) ...... 96,600
Payables to suppliers for merchandise purchased from them
(will be paid during February 2014) ............. 26,450
Contributed capital (2,600 shares) ............. 59,800
No dividends declared in January 2014
Required:
1. Prepare a summarized statement of earnings for the month of January 2014.
2. Prepare a statement of financial position at January 31, 2014.


$1.99
Sales0
Views102
Comments0
  • CreatedAugust 04, 2015
  • Files Included
Post your question
5000