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	$	33,500
Accounts Receivable		11,650
Cash		14,700
Common Stock		60,490
Dividends		2,090
Equipment		93,000
Notes Payable		2,040
Operating Expenses		59,800
Other Expenses		7,990
Sales Revenue		99,600
Supplies		6,400

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.

1-a.

Is the company financed mainly by creditors or stockholders?

	Creditors
	Stockholders

1-b.

Which financial statement indicates this?

	Income Statement
	Statement of Retained Earnings
	Balance Sheet
	Statement of Cash Flows

3-a.

Was the company profitable?

	Yes
	No

3-b.

Which financial statement indicates this?

	Income Statement
	Statement of Retained Earnings
	Balance Sheet
	Statement of Cash Flows