Income Statement

1. Prepare an income statement for the year ended December 31. HIGH POWER CORPORATION Income Statement For the Year Ended December 31 Revenues Sales Revenue $ 90,000 90,000 Total Revenues Expenses Equipment Operating Expenses Other Expenses Total Expenses Net Income 0 Required information [The following information applies to the questions displayed below.] Assume you are the president of 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 Accounts Receivable Cash Common Stock Dividends Equipment Notes Payable Operating Expenses Other Expenses Sales Revenue Supplies $32,100 9,550 13,300 59,090 1,950 86,000 1,160 58,700 7,850 90,000 5,000