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. $ 62,500 310,000 32,000 $ 404,500 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 $190,000 73,000 37,500 10,000 11,600 S322,100 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 $18,000 at year-end. 2. At year-end, $28,700 was still due to suppliers of merchandise purchased on credit. 3. At year-end, merchandise inventory costing $45,200 still remained on hand. 1. Customers owed the company $18,000 at year-end. 2. At year-end, $28,700 was still due to suppliers of merchandise purchased on credit. 3. At year-end, merchandise inventory costing $45,200 still remained on hand. 4. Salaries owed to employees at year-end amounted to $4,800. 5. On December 1, $2,700 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 used. Required: Prepare an income statement for 2021 and a balance sheet as of December 31, 2021. Complete this question by entering your answers in the tabs below. Income Statement Balance Sheet Prepare an income statement for 2021. McGUIRE CORPORATION Income Statement For the Year Ended December 31, 2021 Complete this question by entering your answers in the tabs below. Income Statement Balance Sheet Prepare the balance sheet as of December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) MCGUIRE CORPORATION Balance Sheet At December 31, 2021 Assets