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 Common Stock Dividends Equipment Notes Payable Operating Expenses Other Expenses Sales Revenue Supplies $ 32,300 9,850 13,500 59,290 1,970 81,000 1,200 58,600 7,870 85,200 5,200 PA1-1 (Algo) Part 1 Required: 1. Prepare an income statement for the year ended December 31. HIGH POWER CORPORATION Income Statement 0 0 ! 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 $ 32,300 9,850 13,500 Common Stock 59,290 Dividends 1,970 Equipment 81,000 Notes Payable 1,200 Operating Expenses 58,600 Other Expenses 7,870 Sales Revenue 85,200 Supplies 5,200 PA1-1 (Algo) Part 2 2. Prepare a statement of retained earnings for the year ended December 31. HIGH POWER CORPORATION Statement of Retained Earnings Retained Earnings, January 1 Retained Earnings, December 31 ! 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 $ 32,300 9,850 13,500 Common Stock 59,290 Dividends 1,970 Equipment 81,000 Notes Payable 1,200 Operating Expenses 58,600 Other Expenses 7,870 Sales Revenue 85,200 Supplies 5,200 PA1-1 (Algo) Part 3 3. Prepare a balance sheet at December 31. HIGH POWER CORPORATION Balance Sheet