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E1-11 (Algo) Preparing an Income Statement and Balance Sheet LO1-1 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 % 295,000 Total expenses (excluding income taxes) 197,008 Income tax expense (all unpaid as of January 31) 33,400 Cash balance, January 31 66,550 Receivables from customers (all considered collectible) 33,409 Merchandise inventory (by inventory count at cost) 94,762 Payables to suppliers for merchandise purchased from them (will be paid during February of the current year) 26,958 Common stock 69,700 No dividends were declared or paid during January. Required: Complete the following two statements: Complete this question by entering your answers in the tabs below. Income Statement Balance sheet Complete the following statement: Total revenues Less: Total expenses (excluding income tax) Pretax income Less: Income tax expense MNet income