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.