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... 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.