Required information 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 $ 33,900 12,250 15,100 60,890 2,130 Common Stock Dividends Equipment Notes Payable 97,000 2,320 Operating Expenses 60,200 Other Expenses 8,030 Sales Revenue 104,400 Supplies 6,800 PA1-1 (Algo) Part 3 3. Prepare a balance sheet at December 31. HIGH POWER CORPORATION Balance Sheet 7 Supplies PA1-1 (Algo) Part 3 3. Prepare a balance sheet at December 31. HIGH POWER CORPORATION Balance Sheet At December 31 Assets Cash Accounts Receivable Supplies Equipment $ 15,100 12,250 6,800 97,000 Total Assets 131,150 Liabilities Accounts Payable 33,900 Notes Payable 2,320 Total Liabilities 36,220 Common Stock Retained Earnings Stockholders' Equity 0 Total Stockholders' Equity $ 36,220 104,400 6,800