Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. complete this question by entering your answers in

Complete this question by entering your answers in the tabs Income Balance sheet Statement Complete...

70.2K

Verified Solution

Question

Accounting

imageimageimage

Complete this question by entering your answers in the tabs Income Balance sheet Statement Complete the following statements: PAINTER CORPORATION Income Statement Total revenues Less: Total expenses (excluding income tax) Pretax income Less: Income tax expense Net income Total revenues $305,000 189,000 35,000 Total expenses (excluding income taxes) Income tax expense (all unpaid as of January 31) Cash balance, January 31 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 current year) 65,150 44,700 94,500 25,950 Common stock 62,400 No dividends were declared or paid during January. Required: Complete the following two statements: Income Balance sheet Statement Complete the following statements: PAINTER CORPORATION Balance Sheet Assets Cash Receivables from customers Merchandise inventory Total assets Liabilities Payables to suppliers Income taxes payable Total liabilities Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity %24 %24

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students