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E1-12 LO11 Preparing an Income Statement and Balance Sheet Analytics Corporation was organized on January 1, current year. At the end of the current year, the follow- ing financial data are available: $299,000 Total revenues 184,000 Total expenses (excluding income taxes) Income tax expense (all unpaid as of December 31) 34,500 Cash 70,150 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 the following year) 26,450 Common stock 59,800 No dividends were declared or paid during the first year. Required: Complete the following two statements: ANALYTICS CORPORATION Income Statement For the Year Ended December 31, Current Year Total revenues Less: Total expenses (excluding income tax) Pretax income Less: Income tax expense Net income $ 299,000 +84.000 $15,000 # 34500 Sto ANALYTICS CORPORATION Balance Sheet At December 31, Current Year $ 70,150 34,5 bo Assets Cash Receivables from customers Merchandise inventory Total assets Liabilities Payables to suppliers Income taxes payable Total liabilities Stockholders' Equity Common stock Retained earnings Totai stockholders' equity Total liabilities and stockholders' equity