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Preparing an Income Statement, Statement of Retained Earnings, and Balance Sheet and Interpreting the Financial Statements [LO 1-2, LO 1-3]

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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	$	33,100
Accounts Receivable		11,050
Cash		14,300
Common Stock		60,090
Dividends		2,050
Equipment		89,000
Notes Payable		1,760
Operating Expenses		59,400
Other Expenses		7,950
Sales Revenue		94,800
Supplies		6,000

1. Prepare an income statement for the year ended December 31 HIGH POWER CORPORATION Income Statement Revenues Sales Revenue 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 3. Prepare a balance sheet at December 31 HIGH POWER CORPORATION Balance Sheet