The following information applies to the questions displayed below.
Assume that you are the president of Highlight Construction Company. At the end of the first year of operations December the following financial data for the company are available:
Cash $
Receivables from customers all considered collectible
Inventory of merchandise based on physical count and priced at cost
Equipment owned, at cost less used portion
Accounts payable owed to suppliers
Salary payable on December this was owed to an employee who will be paid on January
Total sales revenue
Expenses, including the cost of the merchandise sold excluding income taxes
Income tax expense at times pretax income; all paid during the current year
Common stock December
Dividends declared and paid during the current year
Note: The beginning balances in Common stock and Retained earnings are zero because it is the first year of operations.
Required:
Prepare a summarized income statement for the year.
