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: Prepare a statement of retained earnings for the year ended December 31. Accounts Payable $ 33,500 Accounts Receivable 11,650 Cash 14,700 Common Stock 60,490 Dividends 2,090 Equipment 93,000 Notes Payable 2,040 Operating Expenses 59,800 Other Expenses 7,990 Sales Revenue 99,600 Supplies 6,400 1. Prepare an income statement for the year ended December 31.2. Prepare a statement of retained earnings for the year ended December 31.
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Home » Business » 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: Prepare a statement of retained earnings for the year ended December 31.