McGuire Corporation began operntiones 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. $ 57,500 300,000 30.000 5357,500 Cash receipts To stock Collection custos Borrowed from local bank on April 1nete signed requiring principal and interest at 12% to be paid on March 31, 2022 Total cash receipts Cash disbursets Purchase orchandise Payment of salaries Purchase of office equit Payment of rent on building Miscellaneous expense Total cash disbursements $185,000 70.000 34,500 9,500 11.000 $310,000 You are cated in to prepare financial statements at December 31, 2024. The fotowing additional information was provided to you 1. Customers owed the company $17,000 at year-end 2. Al year-end, 528,000 was still due to suppliers of merchandise purchased on credit 3. At year-end, merchandise Inventory costing $14,000 stat remained on hand 4. Salaries owed to employees at year-end amounted to $4,500 5. On December 1 $2,400 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 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 $77,000 at year-end. 2. At year-end, $28,000 was still due to suppliers of merchandise purchased on credit 3. At year-end, merchandise inventory costing $44,000 still remained on hand. 4. Salaries owed to employees at year-end amounted to $4,500. 5. On December 1, $2,400 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. 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 21, 2021 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 yeat. $57.500 300,000 30,000 $387,500 Cash receipts Iss of common stock Collections from customers Borrowed from local bank on Aril 1, note signed requiring principal and interest at 12% to be paid on March 21, 2022 Total cash receipts Cash disbursets Purchase of sorchandise Payment of salaries Purchase of office equipment Payment of rent on building Miscellaneous pense Total cash disbursements $185,000 79.000 34,500 9.500 11,000 $310.000 You are called in to prepare financial statements at December 31, 2021. The following additional Information was provided to you LINH Khung thu CHANH You are called in to prepare financial statements at December 31, 2021. The following additional information was provided to you: L. Customers owed the company $17,000 at year-end 2. At year-end, 528,000 was still due to suppliers of merchandise purchased on credit 3. At year-end, merchandise inventory costing 544,000 still remained on hand. 4. Salaries owed to employees at year-end amounted to $4,500 5. On December 1, 52,400 in rent was paid to the owner of the building used by McGuire. This represented tent 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 Complete this question by entering your answers in the tabe below. Income Statement Balance Sheet Prepare the balance sheet as of December 31, 2021. (Amounts to be deducted should be indicated by a minus lon) MOURE CORPORATION Al Ocember 31, 2011 Assets foments Cash Account 5 77.500 17.000