oration was organized by five individuals on January 1, 2020. At the end of January 2020, the financial data are available: Total revenues Total expenses (excluding income taxes) $314,000 202,500 Income tax expense (all unpaid as at January 31) Cash balance, January 31, 2020 34,970 69,650 Receivables from customers (all considered collectible) 39,000 Merchandise inventory (by inventory count at cost) 101, 100 Payables to suppliers for merchandise purchased from them (will be paid during February 2020) 20,050 Contributed capital (3,400 shares) 78, 200 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 oration was organized by five individuals on January 1, 2020. At the end of January 2020, the financial data are available: Total revenues Total expenses (excluding income taxes) $314,000 202,500 Income tax expense (all unpaid as at January 31) Cash balance, January 31, 2020 34,970 69,650 Receivables from customers (all considered collectible) 39,000 Merchandise inventory (by inventory count at cost) 101, 100 Payables to suppliers for merchandise purchased from them (will be paid during February 2020) 20,050 Contributed capital (3,400 shares) 78, 200 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