Required information E1-9 Preparing an Income Statement and Balance Sheet [LO 1-2, LO 1-3] 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 Operating Expenses Cash Accounts Receivable Supplies Accounts Payable Common Stock $150,000 92,400 40,38e 27,200 44,500 14,30e 40, 10e No dividends were declared or paid during January E1-9 Part 1 Required: 1. Complete the following income statement and balance sheet for the month of January Complete this question by entering your answers in the tabs below. Income Statement Balance Sheet Prepare an income statement for the month of January, MIAMI MUSIC CORPORATION Income Statement For the Month Ended January 31 Total Revenues Operating Expenses Net Income E1-9 Part 1 Required: 1. Complete the following income statement and balance sheet for the month of January Complete this question by entering your answers in the tabs below. Income Statement Balance Sheet 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