Assume that you are the president of the 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 $32,100 Accounts Receivable $9,550 Cash $13,300 Common stock $59,090 Dividens $1,950 Equipment $86,000 Notes Payable $1,160 Operating Expenses $58,700 Other Expenses $7,850 Sales Revenue $90,000 Supplies $5,000

PA1-1 Part 1 Required: 1. Prepare an income statement for the year ended December 31 HIGH POWER CORPORATION Income Statement Revenues Sales Revenue 90,000 Total Revenues 90,000 Expenses other Expenses 7,850 Operating Expenses 58,700 Total Expenses 66,550 Net Income