PA1-1 Preparing an Income Statement, Statement of Retained Earnings, and Balance Sheet Assume 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.