(Answered) Five individuals organized miami music corporation on

Accounting

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.

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