McGuire Corporation began operations in $2024.$ The company purchases computer equipment from manufacturers and then sells to retail stores. During $2024,$ 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.

Cash receipts:

Issue of common stock $ $55,000$

Collections from customers $295,000$

Borrowed from local bank on April $1,$ note signed requiring principal and interest at $12\%$ to be paid on March $31,202529,000$

Total cash receipts $ $379,000$

Cash disbursements:

Purchase of inventory $ $182,500$

Payment of salaries $68,500$

Purchase of office equipment $33,000$

Payment of rent on building $9,250$

Miscellaneous expense $10,700$

Total cash disbursements $ $303,950$

You are called in to prepare financial statements on December $31,2024.$ The following additional information was provided to you:

Customers owed the company $$16,500$ at year$-$end.

At year$-$end, $$27,650$ was still due to suppliers of inventory purchased on credit.

At year$-$end, inventory costing $$43,400$ still remained on hand.

Salaries owed to employees at year$-$end amounted to $$4,350.$

On December $1,$ $$2,250$ in rent was paid to the owner of the building used by McGuire. This represented rent for the months of December through February.

The office equipment, which has a ten$-$year life and no salvage value, was purchased on January $1,2024.$ Straight$-$line depreciation is used.

Required:

Prepare an income statement for $2024$ and a balance sheet as of December $31,2024.$