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McGuire Corporation began operations in 2024. The company purchases computer equipment from manufacturers and then...

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Accounting

McGuire Corporation began operations in 2024. The company purchases computer equipment from manufacturers and then sells to
retail stores. During 2024, the bookkeeper used a check register to record all cash receipts and cash disbursements. No other
journals were used. The following is a recap of the cash receipts and disbursements made during the year.
You are called in to prepare financial statements on December 31,2024. The following additional information was provided to you:
Customers owed the company $19,000 at year-end.
At year-end, $29,400 was still due to suppliers of inventory purchased on credit.
At year-end, inventory costing $46,400 still remained on hand.
Salaries owed to employees at year-end amounted to $5,100.
On December 1,$3,150 in rent was paid to the owner of the building used by McGuire. This represented rent for the months of
December through February.
The office equipment, which has a ten-year life and no salvage value, was purchased on January 1,2024. Straight-line depreciation
is used.
Required:
Prepare an income statement for 2024 and a balance sheet as of December 31,2024.
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