E$1-11($Algo$)$ Preparing an Income Statement and Balance Sheet LO$1-1$

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$)184,000$

Income tax expense $($all unpaid as of January $31)33,400$

Cash balance, January $3167,150$

Receivables from customers $($all considered collectible$)33,400$

Merchandise inventory $($by inventory count at cost$)95,700$

Payables to suppliers for merchandise purchased from them $($will be paid during February of the current year$)28,950$

Common stock $56,300$