Assets HIGHLIGHT CONSTRUCTION COMPANY Balance Sheet At December 31, Current Year Cash Receivables from customers Inventory of merchandise Equipment Total liabilities and stockholders' equity Accounts payable Note payable Common stock Retained earnings Stockholders' Equity Total stockholders' equity $ 2,600 12,200 81,000 40,800 $ 136,600 $ 0 Required information P1-1 (Algo) Preparing an Income Statement, Statement of Stockholders' Equity, and Balance Sheet LO1-1 [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) $ 26,000 12,200 Inventory of merchandise (based on physical count and priced at cost) Equipment owned, at cost less used portion 81,000 40,800 Accounts payable owed to suppliers 47,640 Salary payable (on December 31, this was owed to an employee who will be paid on January 10) 3,300 Total sales revenue 124,000 Expenses, including the cost of the merchandise sold (excluding income taxes) Income tax expense at 30% x pretax income; all paid during the current year 88,200 ? Common stock (December 31) Dividends declared and paid during the current year 95,400 11,400 (Note: The beginning balances in Common stock and Retained earnings are zero because it is the first year of operations.)