Question

Required information Skip to question [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 $ 32,800 Accounts Receivable 10,600 Cash 14,000 Common Stock 59,790 Dividends 2,020 Equipment 86,000 Notes Payable 1,550 Operating Expenses 59,100 Other Expenses 7,920 Sales Revenue 91,200 Supplies 5,700 Required: Prepare an income statement for the year ended December 31.

Answer 1

The net income for the year ended Dec 31 is $24,180.

• The preparation of the income statement is presented below:

Sales revenue $91,200

Less: operating expenses $59,100

Operating income $32,100

Less: other expenses $7,920

Net income $24,180

Therefore we can conclude that the net income is of $24,180

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