Five individuals organized Miami Music Corporation on January 1. At the end of January 31, the following monthly financial data are available:

Required: 1. Complete the following income statement and balance sheet for the month of January. MIAMI MUSIC CORPORATION Income Statement For the Month Ended January 31 Total Revenues Operating Expenses Net Income Required Information The following information applies to the questions displayed belowj Five individuals organized Miami Music Corporation on January 1. At the end of January 31, the following monthly financial data are available: MIAMI MUSIC CORPORATION Balance Sheet At January 31 Assets Total Revenues Operating Expenses Cash Accounts Receivable Supplies Accounts Payable Common Stock $151,000 92,500 40,800 27,300 44,700 13,700 40,600 Cash Accounts Receivable Supplies Total Assets Liabilities Accounts Payable Total Liabilities No dividends were declared or paid during January. Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity