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  • Ducharme Corporation Was Organized by Five Individuals On January 1

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    hassan taimour
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    Ducharme Corporation was organized by five individuals on January 1, 2014. According to the monthly financial data for January 2014, the company had total revenues of $299,000, total expenses of $189,000, and income tax expense of $34,500. The statement of financial position at January 31, 2014 shows assets of $296,250 and liabilities of $26,450.

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    Ducharme Corporation Was Organized by Five Individuals on January 1

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    Ducharme Corporation was organized by five individuals on January 1, 2014. According to the monthly financial data for January 2014, the company had total revenues of $299,000, total expenses of $189,000, and income tax expense of $34,500. The statement of financial position at January 31, 2014 shows assets of $296,250 and liabilities of $26,450.

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    © All Rights Reserved
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    171 views1 page

    Ducharme Corporation Was Organized by Five Individuals On January 1

    Uploaded by

    hassan taimour
    Ducharme Corporation was organized by five individuals on January 1, 2014. According to the monthly financial data for January 2014, the company had total revenues of $299,000, total expenses of $189,000, and income tax expense of $34,500. The statement of financial position at January 31, 2014 shows assets of $296,250 and liabilities of $26,450.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    Ducharme Corporation was organized by five individuals

    on January 1 #831
    Ducharme Corporation was organized by five individuals on January 1, 2014. At the end of
    January 2014, the following monthly financial data are available:Total revenues....................... $
    299,000Total expenses (excluding income taxes) ........... 189,000Income tax expense (all
    unpaid as at January 31) ......... 34,500Cash balance, January 31, 2014 ................
    65,150Receivables from customers (all considered collectible) ...... 34,500Merchandise
    inventory (by inventory count at cost) ...... 96,600 Payables to suppliers for merchandise
    purchased from them (will be paid during February 2014) ............. 26,450Contributed capital
    (2,600 shares) ............. 59,800No dividends declared in January 2014Required: 1. Prepare a
    summarized statement of earnings for the month of January 2014. 2. Prepare a statement of
    financial position at January 31, 2014.View Solution:
    Ducharme Corporation was organized by five individuals on January 1

    ANSWER
    http://paperinstant.com/downloads/ducharme-corporation-was-organized-by-five-individuals-on-
    january-1/

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