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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 Revenue2. 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 313. Prepare a balance sheet at December 31 HIGH POWER CORPORATION Balance Sheet
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