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:

1. Prepare a summarized income statement for the year.

Please help me complete the income statement.

Cash Receivables from customers (all considered collectible) Inventory of merchandise (based on physical count and priced at cost) Equipment owned, at cost less used portion Accounts payable owed to suppliers Salary payable (on December 31, this was owed to an employee who will be paid on January 10) Total sales revenue Expenses, including the cost of the merchandise sold (excluding income taxes) Income tax expense at 30% * pretax income; all paid during the current year Common stock (December 31) Dividends declared and paid during the current year $ 25,900 11,600 74,000 42,100 47,440 2,700 129,000 81,200 ? 81,700 11,700 (Note: The beginning balances in Common stock and Retained earnings are zero because it is the first year of operations.) HIGHLIGHT CONSTRUCTION COMPANY Income Statement For the Year Ended December 31, Current Year HIGHLIGHT CONSTRUCTION COMPANY Income Statement For the Year Ended December 31, Current Year Accounts payable Cash Common stock Equipment Income tax expense HIGHLIGHT CONSTRUCTION COMPANY Income Statement For the Year Ended December 31, Current Year Income taxes payable Interest payable Inventory of merchandise Investments Long-term debt HIGHLIGHT CONSTRUCTION COMPANY Income Statement For the Year Ended December 31, Current Year Note payable Receivables from customers Retained earnings Salary payable Total expenses Total sales revenue