Question

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.
2. Did Miami Music Corporation generate a profit? Which financial statement indicates this?
3. Does Miami Music Corporation have sufficient resources to pay its liabilities? Which financial statement indicates this?


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  • CreatedNovember 02, 2015
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