Assume you are the president of High Power Corporation. At the end of the first...
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Accounting
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 | $ 32,800 |
|---|---|
| Accounts Receivable | 10,600 |
| Cash | 14,000 |
| Common Stock | 59,790 |
| Dividends | 2,020 |
| Equipment | 86,000 |
| Notes Payable | 1,550 |
| Operating Expenses | 59,100 |
| Other Expenses | 7,920 |
| Sales Revenue | 91,200 |
| Supplies | 5,700 |
Required:
Prepare an income statement for the year ended December 31.
Help!
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