(Answered) Assume that you are the president of high power corporation

Accounting

Assume that 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... $ 32,100

Accounts Receivable... 9,550

Cash... 13,300

Common Stock... 1,950

Equipment... 86,000

Notes Payable... 1,160

Operating Expenses... 58,700

Other Expenses... 7,850

Sales Revenue... 90,000

Supplies... 5,000

Required:

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

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

3. Prepare a balance sheet at December 31.

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Financial Accounting, Accounting

Category:- Financial Accounting
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