Five individuals organized Miami Music Corporation on January 1. At the end of January 31, the following monthly financial data are available:
Total Revenues...$ 131,000
Operating Expenses... 90,500
Cash... 30,800
Accounts Receivable... 25,300
Supplies... 40,700
Accounts Payable... 25,700
Common Stock... 30,600
No dividends were declared or paid during January.
Required:
1. Complete the following income statement and balance sheet for the month of January.