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$)$

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 $31)$

$$25,600$

Dividends declared and paid during the current year

$($Note: The beginning balances in Common stock and Retained earnings are zero because it is the first year of operations.$)$

P$1-1$ Part $3$

$3.$ Prepare a balance sheet at December $31.$

$\backslash$table$[[$HIGHLIGHT CONSTRUCTION COMPANY$],[$Balance Sheet,$],[$Assets$,,],[$Cash$,,],[$Receivables from customers,,$],[$Inventory of merchandise,,$],[$Equipment$,,],[,,],[,,],[$Total assets,,$],[$Liabilities$,,],[$Accounts payable,,$],[$Salary payable,,$],[,,],[,,],[$Total liabilities,,$]]$

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