Required information P1-1 (Algo) Preparing an Income Statement, Statement of Stockholders' Equity, and Balance Sheet LO1-1 Skip to question [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 $ 25,500

Receivables from customers (all considered collectible) 10,900

Inventory of merchandise (based on physical count and priced at cost) 74,000

Equipment owned, at cost less used portion 42,600

Accounts payable owed to suppliers 47,440

Salary payable (on December 31, this was owed to an employee who will be paid on January 10) 3,400

Total sales revenue 121,000

Expenses, including the cost of the merchandise sold (excluding income taxes) 86,200

Income tax expense at 30% pretax income; all paid during the current year 34,800

Common stock (December 31) 89,500 Dividends declared and paid during the current year 11,700

(Note: The beginning balances in Common stock and Retained earnings are zero because it is the first year of operations.) P1-1 Part 3 3.

Prepare a Balance Sheet at December 31.