Question

Assume that you are the president of High Power Corporation. At the end of the first year of operations (December 31), the following financial data for the company are available:
Accounts Payable………………………. $ 32,100
Accounts Receivable……………………… 9,550
Cash……………………….……………… 13,300
Common Stock…………………………… 59,090
Dividends………………………………….. 1,950
Equipment………………………………... 86,000
Notes Payable……………………………… 1,160
Operating Expenses………………………. 58,700
Other Expenses…………………………….. 7,850
Sales Revenue……………………………. 90,000
Supplies……………………………………. 5,000
Required:
1. Prepare an income statement for the year ended December 31.
2. Prepare a statement of retained earnings for the year ended December 31. 3. Prepare a balance sheet at December 31.


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  • CreatedNovember 02, 2015
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