SShow work please. (Detailed explanation or use a trial balance sheet). Remember that this is using accrual accounting.

Near the end of its first year of operations, December 31, 2018, Creative Designs Ltd. approached the local bank for a $26,000 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 20,000 Fees earmed 164,200 $ 36,300 Equipment Supplies 8,100 Rent 22,160 3,840 Income tax 5,800 S,800 Salaries 59,100 Dividends declared 10,600 $184,200 151,700 Additional information 1. Fees from design work earned but not yet collected amounted to $2,400 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 $1,390 4. Rent payments included a $1,660 per month rental fee and a $2,240 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, 2019 6. Salaries earned for the last four days in December and to be paid in January 2019 amounted to $3,250 7. At year end, it was determined that an additional $7,500 is owed for income tax Your answer is correct. Calculate the cash balance at December 31 Cash Balance 32500 Prepare an accrual-based income statement for the year. (Round answers to 0 decimal places, e.g. 5,275.) CREATIVE DESIGNS LTD. Year Ended December 31, 2018 Revenues SHOW LIST OF ACCOUNTS