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.

High Power Corporations

Income Statement

2. Prepare a statement of retained earnings for the year ended December 31.

High Power Corporations Statement of retained earnings

Retained earnings, january 1

Retained Earnings, december 31

3.	Prepare a balance sheet at December 31.