Cash $ 24,800 Receivables from customers (all considered collectible) 11,700 Inventory of merchandise (based on physical count and priced at cost) 82,000 Equipment owned, at cost less used portion 41,700 Accounts payable owed to suppliers 46,740 Salary payable (on December 31, this was owed to an employee who will be paid on January 10) 3,700 Total sales revenue 129,000 Expenses, including the cost of the merchandise sold (excluding income taxes) 81,200 Income tax expense at 30% x pretax income; all paid during the current year ? Common stock (December 31) 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.) 87,800 11,500 Required: 1. Prepare a summarized income statement for the year. HIGHLIGHT CONSTRUCTION COMPANY Income Statement For the Year Ended December 31, Current Year Total sales revenue Total expenses Pretax income $ 129,000 119,900 S Novt