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Five individuals organized Miami music corporation on January 1. At the end of January 31, the following monthly financial data are available:

Total revenue $137,000

Operating expenses 91,100

Cash 33,800

Accounts receivable 25,900

Supplies 41,900

Accounts payable 22,100

Common stock 33,600

No dividends were declared or paid during January.

Required: 1. Complete the following income statement and balance sheet for the month of January. MIAMI MUSIC CORPORATION Income Statement For the Month Ended January 31 Total Revenues Operating Expenses Net Income MIAMI MUSIC CORPORATION Balance Sheet At January 31 Assets Cash Accounts Receivable Supplies Total Assets 0 Liabilities Accounts Payable Total Liabilities Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders Equity 0 0