5 E1-11 (Algo) Preparing an Income Statement and Balance Sheet LO1-1 10 points Check my Painter Corporation was organized by five individuals on January 1 of the current year. At the end of January of the current year, the following monthly financial data are available: Total revenues Total expenses (excluding income taxes) $291,000 187,000 eBook Income tax expense (all unpaid as of January 31) Cash balance, January 31 34,000 67,150 Receivables from customers (all considered collectible) Merchandise inventory (by inventory count at cost) 34,000 95,100 Hint Payables to suppliers for merchandise purchased from them (will be paid during February current year) Common stock 27,750 64,500 Print References No dividends were declared or paid during January. Required: Complete the following two statements: