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 Payable Operating Expenses Other Expenses Sales Revenue Supplies PA1-1 (Algo) Part 3 3. Prepare a balance sheet at December 31. HIGH POWER CORPORATION Balance Sheet $ $ 0 0 0 0 $ 33,000 10,900 14,200 59,990 2,040 88,000 1,690 59,300 7,940 93,600 5,900
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 Payable Operating Expenses Other Expenses Sales Revenue Supplies PA1-1 (Algo) Part 3 3. Prepare a balance sheet at December 31. HIGH POWER CORPORATION Balance Sheet $ $ 0 0 0 0 $ 33,000 10,900 14,200 59,990 2,040 88,000 1,690 59,300 7,940 93,600 5,900
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter1: The Role Of Accounting In Business
Section: Chapter Questions
Problem 1.3.2P: Income statement, retained earnings statement, and balance sheet The following financial data were...
Related questions
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 Payable
Operating Expenses
Other Expenses
Sales Revenue
Supplies
PA1-1 (Algo) Part 3
✔
3. Prepare a balance sheet at December 31.
HIGH POWER CORPORATION
Balance Sheet
0
0
0
0
$ 33,000
10,900
14,200
59,990
2,040
88,000
1,690
59,300
7,940
93,600
5,900](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F15b97afa-7c94-4ae3-b082-e59fd3b0d805%2F2dacbbeb-07a8-42a4-ba00-eab09ff876a1%2Fdroijr_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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 Payable
Operating Expenses
Other Expenses
Sales Revenue
Supplies
PA1-1 (Algo) Part 3
✔
3. Prepare a balance sheet at December 31.
HIGH POWER CORPORATION
Balance Sheet
0
0
0
0
$ 33,000
10,900
14,200
59,990
2,040
88,000
1,690
59,300
7,940
93,600
5,900
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