Required information P1-1 (Algo) Preparing an Income Statement, Statement of Stockholders' Equity, and Balance Sheet L01-1 {The following information applies to the questions displayed below) 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) 11,100 Inventory of merchandise (based on physical count and priced at coat) 82.000 Equipment owned, at cost loss und portion 42.600 Accounts payable owed to suppliers 46,240 Salary payable (on December 31, this was oved to an employee who will be paid on January 10) 2,400 Total sales revenue 126.000 Expenses, including the cost of the merchandise sold (excluding income taxes) 88,200 Income tax expense at 30% pretax income all paid during the current year 7 Common stock (December 31) 97.200 Dividende declared and paid during the current year 12.000 (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 For the Year Ended December 31, Current Year Required information P1-1 (Algo) Preparing an Income Statement, Statement of Stockholders' Equity, and Balance Sheet 2011 The following information applies to the questions displayed below) 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 CAST 24,600 Beonivables from customers in considered collectible) 11,100 Inventory of marchandise (based on physical count and priced at coat) 82,000 quipment owned, at cost less used portion 42.600 Mounts payable oved to suppliers 46.240 Salary payable on December 31. this was oved to an employee who will be paid on January 10) 2,400 Total sales revence 126.000 Expenses, including the cost of the merchandise sold (excluding income tax) BB,200 Income tax expense at 301 pretax income all paid during the current year 2 Comstock (December 7,200 Dividende declared and paid during the current year 12,000 (Note: The beginning balonces in Common stock and Retained earnings are zero because it is the first year of operations) P1-1 Part 2 2. Prepare a statement of stockholders' equity for the year HIGHLIGHT CONSTRUCTION COMPANY Statement of Stockholders' Equity Common Retained Balance 1 Ourrent year Balance December 31, Current year