Help Save & Exit Seved Submit pter 1 Homework Check my work i nerowowing intormation appnes to the questions displayed below! 8 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 $ 24,600 Receivables from customers (all considered collectible) 12.300 Tiventary of merchandise (haled on physical count and priced a cost) 75,000 Tupant sed, at cost less wed portion 42.000 Accounts payable owed to suppliers 47.040 Salary payable on December 31. this was oved to an employee who will be paid on January 10) 2.900 Total sales revende 119,000 Expenses, including the cost of the merchandise sold (excluding income taxea) #7.200 Income tax expense at 304 pretak Inne all paid during the current year 3 Con took (December 31 92,000 DEVIdende deelared and paid during the current year 10,300 (Note: The beginning balances in Common stock and Retained earnings are zero because it is the first year of operations) P1-1 Part 1 Required: 1. Prepare a summarized income statement for the year. HIGHLIGHT CONSTRUCTION COMPANY Income statement Mac Oro 9 P8 R 10 of 10 13 Next > (Note: The beginning balances in Common stock ar P1-1 Part 1 Required: 1. Prepare a summarized income statement for the year. HIGHLIGHT CONSTRUCTION COMPANY Income Statement $ Total sales revenue Equipment 119,000 42,000 Net income