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

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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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
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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