Assume that you are the president of High Power Corporation. At the end of the first year of operations (December 31, 2014), the following financial data for the company are available:

Required
1. Prepare an income statement for the year ended December 31, 2014.
2. Prepare a statement of retained earnings for the year ended December 31, 2014.
3. Prepare a balance sheet at December 31, 2014.

Transcribed Image Text:

Cash Accounts Receivable $13,300 9,550 5,000 86,000 Supplies Equipment Accounts Payable Notes Payable 32,087 1,160 91,000 Sales Revenue Operating Expenses Other Expenses Contributed Capital Dividends 58,700 8,850 59,103 1,950