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Assume that you are the president of Highlight Construction Company. At the end of the...

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Accounting

Assume that you are the president of Highlight Construction Company. At the end of the first year of operations (December 31), the following financial data for the company are available:

Cash$ 25,300Receivables from customers (all considered collectible)12,200Inventory of merchandise (based on physical count and priced at cost)72,000Equipment owned, at cost less used portion42,000Accounts payable owed to suppliers47,340Salary payable (on December 31, this was owed to an employee who will be paid on January 10)2,700Total sales revenue122,000Expenses, including the cost of the merchandise sold (excluding income taxes)81,200Income tax expense at 30% pretax income; all paid during the current year?Common stock (December 31)84,400Dividends declared and paid during the current year11,500

(Note: The beginning balances in Common stock and Retained earnings are zero because it is the first year of operations.)

2. Prepare a statement of stockholders equity for the year.

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