Required information

P$1-1($Algo$)$ Preparing an Income Statement, Statement of Stockholders' Equity, and Balance Sheet LO$1-1$

$1$

points

$[$The following information applies to the questions displayed below.$]$

Assume that you are the president of Highlight Construction Company. At the end of the first year of operations $($December $31),$ the following financial data for the company are available:

Cash

Receivables from customers $($all considered collectible$)$

$$26,200$

Inventory of merchandis $12,300$

Accounts portion

$41,900$

Salary payable owed to suppliers

$46,440$

Salary payable $($on December $31,$ this was owed to an employee who will be paid on January $10)$

$2,000$

Total sales revenue

$121,000$

Expenses, including the cost of the merchandise sold $($excluding income taxes$)$

$85,200$

Income tax expense at $30\%$ pretax income; all paid during the current year

Common stock $($December $31)$

$95,500$

Dividends declared and paid during the current year

$11,600$

$($Note: The beginning balances in Common stock and Retained earnings are zero because it is the first year of operations.$)$

P$1-1$ Part $2$

$2.$ Prepare a statement of stockholders' equity for the year.

Answer is not complete.

$\backslash$table$[[$HIGHLIGHT CONSTRUCTION COMPANY$],[$Statement of Stockholders' Equity$],[$For the Year Ended December $31,$ Current Year$],[,\backslash$table$[[$Common$],[$Stock$]],\backslash$table$[[$Retained$],[$Earnings$]]],[$Balance January $1,$ Current year,$ $0,],[$Stock issuance,$95,500,],[$Add: Net income,,$0$