Required information Preparing an Income Statement, Statement of Retained Earnin

Question

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 Accounts Receivable Cash Common Stock Dividends Equipment Notes Pavable Operating Expenses Other Expenses Sales Revenue Supplies $32,700 10,450 13,900 59,690 2,010 85,000 1,480 59,000 7,910 90,000 5,600

Explanation / Answer

Income statement :

Statement of retaine earnings:

Balance sheet;

Revenue Sales revenue 90000 Expense Operating expense 59000 Other expense 7910 Total expense 66910 Net Income 23090

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