PA1-1 Preparing an Income Statement, Statement of Retained Earnings, and Balance Sheet Assume that… 1 answer below »

PA1-1

Preparing an Income Statement, Statement of Retained Earnings, and Balance Sheet Assume that you are the president of High Power Corporation. At the end of the first year of operations (December 31, 2010), the following financial data for the company are avai

Cash

$13,300

Accounts Receivable

9,550

Supplies

5,000

Equipment

86,000

Accounts Payable

32,087

Notes Payable

1,160

Sales Revenue

91,000

Operating Expenses

58,700

Other Expenses

8,850

Contributed Capital

59,103

Dividends

1,950

1. Prepare an income statement for the year ended December 31, 2010.

2. Prepare a statement of retained earnings for the year ended December 31, 2010.

3. Prepare a balance sheet at December 31, 2010.