These are our reference questions for the upcoming test, please provide detailed explanation with formulas used to calculate answers

Ducharme Corporation was organized by five individuals on January 1, 2020. At the end of January 2020, the following monthly financial data are available: Total revenues Total expenses (excluding income taxes) Income tax expense (all unpaid as at January 31) Cash balance, January 31, 2020 Receivables from customers (all considered collectible) Merchandise inventory (by inventory count at cost) Payables to suppliers for merchandise purchased from them (will be paid during February 2020) Contributed capital (2,600 shares) $299,000 189,000 34,500 65, 150 34,500 96, 600 26,450 59,800 No dividends declared in January 2020. Required: 1. Prepare a summarized statement of earnings for the month of January 2020. DUCHARME CORPORATION Summary Statement of Earnings For the Month of January 2020 Total revenues No dividends declared in January 2020. Required: 1. Prepare a summarized statement of earnings for the month of January 2020. DUCHARME CORPORATION Summary Statement of Earnings For the Month of January 2020 Total revenues Earnings before income taxes 2. Prepare a statement of financial position at January 31, 2020. DUCHARME CORPORATION Statement of Financial Position As at January 31, 2020 Assets Total assets Liabilities and Shareholders' Equity Liabilities: Total liabilities Shareholders' equity: Total assets Liabilities and Shareholders' Equity Liabilities: Total liabilities Shareholders' equity: Total liabilities and shareholders' equity As described in a recent annual report, WestJet Airlines provides quality travel services to many destinations in North America. Required: For each of the following accounts from WestJet's recent statement of financial position, complete the following chart by indicating whether the account is classified as a current asset (CA), a non-current asset (NCA), a current liability (CL), a non-current liability (NCL), or shareholders' equity (SE), and whether the account usually has a debit or a credit balance. Account Statement of Financial Position Classification Debit or Credit Balance 1. Advance ticket sales (deferred revenue) 2. Cash and cash equivalents 3. Contributed capital 4. Intangible assets 5. Inventory 6. Long-term borrowings 7. Prepaid expenses 8. Property and equipment 9. Retained earnings 10 Accounts payable 11 Accounts receivable W