I am specifically having a hard time understanding how to calculate the balance sheet totals, but could use help on all of it

McGuire Corporation began operations in 2021. The company purchases computer equipment from manufacturers and then sells to retail stores. During 2021, the bookkeeper used a check register to record all cash receipts and cash disbursements. No other journals were used. The following is a recap of the cash receipts and disbursements made during the year. $ 80,000 345,000 39,000 $ 464,000 Cash receipts: Issue of common stock Collections from customers Borrowed from local bank on April 1, note signed requiring principal and interest at 12% to be paid on March 31, 2022 Total cash receipts Cash disbursements: Purchase of merchandise Payment of salaries Purchase of office equipment Payment of rent on building Miscellaneous expense Total cash disbursements $ 207,500 83,500 48,000 11,750 13,700 $ 364,450 You are called in to prepare financial statements at December 31, 2021. The following additional information was provided to you: 1. Customers owed the company $21,500 at year-end. 2. At year-end, $31,150 was still due to suppliers of merchandise purchased on credit. 3. At year-end, merchandise inventory costing $49,400 still remained on hand. 4. Salaries owed to employees at year-end amounted to $5,850. 5. On December 1, $3,900 in rent was paid to the owner of the building used by McGuire. This represented rent for the months of December through February 6. The office equipment, which has a 10-year life and no salvage value, was purchased on January 1, 2021. Straight-line depreciation is used. Required: Prepare an income statement for 2021 and a balance sheet as of December 31, 2021. MCGUIRE CORPORATION Income Statement For the Year Ended December 31, 2021 Sales revenue $ 366,500 189,250 177,250 Cost of goods sold Gross profit Operating expenses Salaries expense 89,350 9,150 Rent expense Miscellaneous expense 13,700 Depreciation expense 4,800 Total operating expenses Operating income 117,000 60,250 Other expenses Interest expense 3,510 3,510 56,740 Net income MCGUIRE CORPORATION Balance Sheet At December 31, 2021 Assets Current assets Accounts receivable $ Inventory Cash Prepaid rent 21,500 49,400 99,550 Total current assets 170,450 Office equipment Accumulated depreciation Total assets $ 170,450 Liabilities and Shareholders' Equity 0 0