solve please

Operations, December 31, 2021, Sheffield Designs Ltd. approached the local bank for a $20,800 loan and was asked to submit financial statements prepared on an accrual basis. Although the company kept no formal accounting records, it did maintain a record of cash receipts and payments. The following information is available for the year ended December 31: Cash Receipts Cash Payments Issue of common shares $ 21,600 Fees earned 151,300 Equipment $ 37,200 Supplies 8,300 Rent 20,090 Insurance 3,840 Income tax 6,100 Advertising 6,300 Salaries 55,500 Dividends declared 9.200 $172,900 $146,530 Additional information: 1. Fees from design work earned but not yet collected amounted to $2,360. 2. The equipment was purchased at the beginning of January and has an estimated six-year useful life. The company uses straight-line depreciation. 3. Supplies on hand on December 31 were $1,140. 4. Rent payments included a $1,510 per month rental fee and a $1,970 deposit that is refundable at the end of the two-year lease. (Hint: Use the Prepaid Rent account for the refundable deposit.) 5. The insurance was purchased on February 1 for a one-year period expiring January 31, 2022. 6. Salaries earned for the last four days in December and to be paid in January 2022 amounted to $3,260. 7. At year end, it was determined that an additional $6,500 is owed for income tax