Assets Balance Sheet December 1, 2020 Cash 7,500 Inventory 5,000 Prepaid Rent 3,500 Titak Assets $ 16,000 Liabilities & Shareowners' Equity Advances from Customers Accounts Payable - Merchandise Common Stock Total Liabilities & Shareowners' Equity $ 2,000 1,000 13,000 S 16,000 Events that occurred during December, 2020: A Sales during the month were as follows: Cash Sales $ 2,600 Credit Sales 7,300 Sales to Customers that paid in Advance 2,100 Total $ 12,000 B Operating expenses (exclusive of rent) were $ 2,500 C Advances received from customers during the month were $ 1,500 D Credit purchases of merchandise inventory were $ 8,000 E Collections from credit customers were $ 5,700 F Taxes, accrued and paid during the month, were $ 1,200 G Payments to suppliers of services rendered were $ 2,300 H Cost of goods sold was $ 6,000 I Payments to suppliers of merchandise were J Rent expense was $ 5,400 $ 500 Required: From the December 1, 2000, balance sheet and the list of events that occurred during the month of December 2020: a. Prepare a balance sheet as of December 31, 2020. b. Prepare an income statement for December 2020. c. Prepare a statenent of cash receipts and disbursements for December 2020