[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 $ 33,000 10,900 14,200 59,990 2,040 Equipment 88,000 Notes Payable 1,690 Operating Expenses 59,300 Other Expenses 7,940 Sales Revenue 93,600 Supplies 5,900 Required: 1. Prepare an income statement for the year ended December 31. Revenues Sales Revenue HIGH POWER CORPORATION Income Statement $ 93,600 Total Revenues 93,600 Expenses Operating Expenses 59,300 Other Expenses 7,940 Total Expenses 67,240 Net Income ! Required information [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 $ 33,000 10,900 14,200 59,990 2,040 88,000 1,690 59,300 7,940 93,600 5,900 2. Prepare a statement of retained earnings for the year ended December 31. HIGH POWER CORPORATION Statement of Retained Earnings Retained Earnings, January 1 Add: Net Income Less: Dividends Retained Earnings, December 31 $ 0 Accounts Payable Accounts Receivable Cash Common Stock Dividends Equipment Notes Payable Operating Expenses Other Expenses Sales Revenue Supplies $ 33,000 10,900 14,200 59,990 2,040 88,000 1,690 59,300 7,940 93,600 5,900 3. Prepare a balance sheet at December 31. HIGH POWER CORPORATION Balance Sheet ! Required information [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 $ 33,000 10,900 14,200 59,990 2,040 88,000 1,690 59,300 7,940 93,600 5,900 3-a. Was the company profitable? Yes No 3-b. Which financial statement provides the information regarding profitability? O Income Statement Statement of Retained Earnings Balance Sheet Statement of Cash Flows