rst year of operations $ 25,400 11,600 73,000 40,800 46,740 on January 10) 2,800 128,000 80,200 2 78,500 10,700 it is the first year of operations.) Help Save & Exit Sub mymation 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 Receivables from customers (all considered collectible) Inventory of merchandise (based on physical count and priced at cost) Equipment owned, at cost less used portion Accounts payable owed to suppliers Salary payable (on December 31, this was owed to an employee who will be paid on January 101 Total sales revenue Expenses, including the cost of the merchandise sold (excluding income taxes): Income tax expense at 308 pretax income; all paid during the current year Common stock (December 31) Dividends declared and paid during the current year $35,400 11.600 23,000 40,900 46,740 2,800 128,000 00,200 78,500 10,700) (Note: The beginning balances in Common stock and Retained earnings are zero because it is the first year of operations) uired: epare a summarized income statement for the year. HIGHLIGHT CONSTRUCTION COMPANY Income Statement Desember 31 Current Year. Part 1 of 3 Sorosse als baid during the current year (Note: The beginning balances in Common stock and Retained earnings are zero because it is the first year of operations) 10,100 Required: 1. Prepare a summarized income statement for the year HIGHLIGHT CONSTRUCTION COMPANY Income Statement For the Year Ended December 31, Current Year Total sales revenue Total expenses Pretax income Income tax expense Retained eamings Net income $ 128,000 (80,200) 47,800 14,340 33,460 Prev 9 1 2 3 of 6 Next > 2 of 3 Con stock (December 31) all paid during the current year Dividends declared and paid during the current year 9,200 9 76,500 10,790 (Note: The beginning balances in Common stock and Retained earnings are zero because it is the first year of operations) 1:06:46 2. Prepare a statement of stockholders' equity for the year. HIGHLIGHT CONSTRUCTION COMPANY Statement of Stockholders' Equity Common Stock Retained Earnings Balance January 1, Current year Balance December 31, Current year below.j ume that you are the president of Highlight Construction Company. At the end of the first year of operations ember 31), the following financial data for the company are available: th eivables from customers (all considered collectible) entory of merchandise (based on physical count and priced at cost) pment owned, at cost less used portion Dunts payable owed to suppliers ary payable (on December 31, this was owed to an employee who will be paid on January 10) 1 sales revenue nses, including the cost of the merchandise sold (excluding income taxes) me tax expense at 30% x pretax income; all paid during the current year on stock (December 31) Hends declared and paid during the current year 25,400 11,600 73,000 40,900 46,740 2,800 128,000 80,200 78,500 10,700 The beginning balances in Common stock and Retained earnings are zero because it is the first year of operations.) catement of stockholders' equity for the year. OUT CONSTRUCTION COMPANY