20 Mar PA1-1Preparing an Income Statement, Statement of R
PA1-1Preparing an Income Statement, Statement of Retained Earnings, and Balance Sheet Assume that you are the president of High Power Corporation. At the end of the first year of operations (December 31, 2010), the following financial data for the company are avaiCash$13,300Accounts Receivable9,550Supplies5,000Equipment86,000Accounts Payable32,087Notes Payable1,160Sales Revenue91,000Operating Expenses58,700Other Expenses8,850Contributed Capital59,103Dividends1,9501. Prepare an income statement for the year ended December 31, 2010.2. Prepare a statement of retained earnings for the year ended December 31, 2010.3. Prepare a balance sheet at December 31, 2010.
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