ter $1$ Homework

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$\backslash$table$[[$Required information$],[\backslash$table$[[$Preparing an Income Statement, Statement of Retained Earnings, and Balance Sheet and Interpreting the$],[$Financial Statements $[$LO $1-2,$ LO $1-3]]]],[\backslash$table$[]],[\backslash$table$[[$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:$]]],[\backslash$table$[[$Accounts Payable$]],$$ $33,800],[\backslash$table$[[$Accounts Receivable$]],\backslash$table$[[12,100]]],[\backslash$table$[[$Cash$]],\backslash$table$[[15,000]]],[\backslash$table$[[$Common Stock$]],\backslash$table$[[60,790]]],[\backslash$table$[[$Dividends$]],\backslash$table$[[2,120]]],[\backslash$table$[[$Equipment$]],\backslash$table$[[96,000]]],[\backslash$table$[[$Notes Payable$]],\backslash$table$[[2,250]]],[\backslash$table$[[$Operating Expenses$]],\backslash$table$[[60,100]]],[\backslash$table$[[$Other Expenses$]],\backslash$table$[[8,020]]],[\backslash$table$[[$Sales Revenue$]],103,200],[$Supplies$,6,700]]$

PA$1-1($Algo$)$ Part $2$

$2.$ Prepare a statement of retained earnings for the year ended December $31.$

$\backslash$table$[[$HIGH POWER CORPORATION$],[$Statement of Retained Earnings,$],[,],[$Retained Earnings, January $1,],[,],[,]]$

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