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 $32,900 10, 750 14,100 59, 890 2,030 87,000 1, 620 59,200 7,930 92,400 5,800 3. Prepare a balance sheet at December 31. HIGH POWER CORPORATION Balance Sheet At December 31 Assets Cash $ Accounts Receivable Supplies Equipment Operating Expenses Total Assets | $ Liabilities Accounts Payable $ Notes Payable Sales Revenue | Total Liabilities | Stockholders' Equity Common Stock Retained Earnings 14,100 10,750 5,800 87,000 59,200 176,850 32,900 1,620 92,400 126,920 59,890 49,930 Total Stockholders' Equity Total Liabilities and Stockholders' Equity 109,820 236,740 $