prepare an income statment

Preparing an Income Statement, Statement of Retained Earnings, and Balance Sheet and Interpreting the Financial Statements (LO 1-2, LO 1-3] (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 $32,800 10,600 14,000 59,790 2,020 86,000 1,550 59,100 7.920 91,200 5,700 PA1-1 Part 1 Required: 1. Prepare an income statement for the year ended December 31. HIGH POWER CORPORATION Income Statement For the Year Ended December 31 Revenues + Total Revenues Expenses Total Expenses Net Income