The following information applies to the questions displayed below.] Five individuals organized Miami Music Corporation on January 1. At the end of January 31, the following monthly financial data are available: Total Revenues $ 144,000 Operating Expenses 91,800 Cash 37,300 Accounts Receivable 26,600 Supplies 43,300 Accounts Payable 17,900 Common Stock 37,100 No dividends were declared or paid during January. Required: Complete the following income statement and balance sheet for the month of January.

Part 1) MIAMI MUSIC CORPORATION Income Statement

For the Month Ended January 31 Total Revenues Operating Expenses Net Income

Part 2) Prepare the balance sheet for the month of January.

MIAMI MUSIC CORPORATION Balance Sheet At January 31 Assets Cash Accounts Receivable Supplies Total Assets Liabilities Accounts Payable Total Liabilities Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity