1. Business
  2. Accounting
  3. assume that you ane the president of highlight construction compamy...

Question: assume that you ane the president of highlight construction compamy...

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Assume that you ane the president of Highlight Construction Compamy. At the end of the fiest year of operations (December 31, the folowing financial date for the comparyare available: Cash Recelvables from customers (ol considered collectbiej Inventory of menchandise (based on physical count and piced at cost tqulpment owned, an cost less used portion Accounts payable owed to supplers Salary paysbie ion December 31, this was owed to an employee who wil be paid on Januery 10 5 24,700 12,400 47540 22,000 Expenses, including the cost of the menchandise sole (excluding income taxes income tants esponse at 30% pretax inoome, si ped during the current year Common stock December 3 Dvidends declared and paid during the curent yea 84,400 11400 Note: The beginning balances in Common stock and Retained eernings ace zero beceuse it is the first year of operations.) 13 30 points Required: 1. Prepare a summarzed income stasement for the year HIGHLIGHT CONSTRUCTION COM income Statement
2. Prepare a statement of stockholders equity for the year HIGHLIGHT CONSTRUCTION COMPANY Statement of Stockholders Equity Retained Common Earnings Stock Balance January 1, Current year Balance December 31, Current year References eBook & Resources Difficulty: 3 Hard Leaming Objective: 01-01 Financial Statements
3. Prepare a balance sheet at December 31. HIGHLIGHT CONSTRUCTION COMPANY Balance Sheet
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