-1 Preparing an Income Statement, Statement of Stockholders" Equity, and Balance Sheet LO1-1 The foWowing informetion 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 tinancial data for the company are avaiable Recehables from customers (all considered collectible) Inverntory of merchandise based on physical count and priced at cos Equipment owned, at cost less used portion Accounts payable owed to suppliers $ 24700 0,900 41,600 47,840 3100 payable lon December 31 this was owed to an empioyee who will be paid on January 10) Total sales revenue Expenses, including the cost of the Income taxes expense at 30% x pr common stock pecember Dividends deciared and paid during the current yeer merchandse soid lexcluding income taxes) eto icone, all pad ding the current yeer Note: The beginning belances in Common stock and Retained earnings are zero because it is the fiest year ot operations) References Section Break P1-1 Prepering an Income Statement, Statement of "Stockhoiders" Equity, and Balence Sheet LO1-1 5 6 8 9 0 ACCT.UB1 20 CHAPTER P1-1 Part 3 3. Prepare a balance sheet at December 31. HIGHLIGHT CONSTRUCTION COMPANY Balance Sheet References eBook & Resources esc 2 3