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

Required:

1.	Prepare an income statement for the year ended December 31.

2 3.	Prepare a statement of retained earnings for the year ended December 31 Prepare a balance sheet at December 31.