Preparing an Income Statement

0 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 Dayable Operating Expenses Other Expenses Sales Revenue Supplies $33,400 11,500 14,600 60,390 2,000 92,000 1,970 59,700 7,980 98,400 6,300 PA1-2 Part 2 2-a. By how much did cash increase (decrease)? 3 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: 6 of 7 pped Accounts Payable Accounts Receivable Cash Common Stock Dividends Equipment Notes Payable Operating Expenses Other Expenses Sales Revenue Supplies $33,400 11,500 14,600 60,390 2,080 92,000 1,970 59,700 7,980 98,400 6,300 PA1-2 Part 3 3-a. Was the company profitable? Yes O No 3-b. Which financial statement provides the information regarding profitability?

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