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Required information Preparing an Income Statement, Statement of Retained Earnings, and Balance Sheet and Interpreting...

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Accounting

Required information

Preparing an Income Statement, Statement of Retained Earnings, and Balance Sheet and Interpreting the Financial Statements [LO 1-2, LO 1-3]

[The following information applies to the questions displayed below.]

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 $ 32,900
Accounts Receivable 10,750
Cash 14,100
Common Stock 59,890
Dividends 2,030
Equipment 87,000
Notes Payable 1,620
Operating Expenses 59,200
Other Expenses 7,930
Sales Revenue 92,400
Supplies 5,800

PA1-2 Part 2

  1. 2-a. By how much did cash increase (decrease)?

  1. 2-b. Which financial statement would report the business activities responsible for the change in cash?

  • Income Statement

  • Statement of Retained Earnings

  • Balance Sheet

  • Statement of Cash Flows

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