Chapter 1 Homework Seved 00 Requirea information [The following information applies to the questions displayed below) Part 1 of 3 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 points eBook Cash $ 26,300 Receivables from customers (all considered collectible) Inventory of merchandise (based on physical count and priced at cost) 12,200 Be, en Equipment owned, at cost less used portion 41,900 Accounts payable owed to suppliers 47,240 Salary payable (on December 31, this was owed to an employee who will be paid on January 10) 3,200 Total sales revenue 135,000 Expenses, including the cost of the merchandise sold (excluding income taxes) 83,2ee Income tax expense at se pretax incone; all paid during the current year 2 Common stock (December 31) 84,600 Dividends declared and paid during the current year 10,900 (Note: The beginning balances in Common stock and Retained earnings are zero because it is the first year of operations.) Print References Required: 1. Prepare a summarized income statement for the year. HIGHLIGHT CONSTRUCTION COMPANY Income Statement Mc Graw HI