PA1-1 - Balance Sheet At December 31, 2008 Assets: Cash $...

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PA1-1 Req. 1 HIGH POWER CORPORATION Income Statement For the Year Ended December 31, 2008 Sales revenue $91,000 Expenses Operating expenses 58,700 Other expenses 8,850 Total expenses 67,550 Net income $23,450 Req.2 HIGH POWER CORPORATION Statement of Retained Earnings For the Year Ended December 31, 2008 Retained Earnings, January 1, 2008 $0 Add: Net Income 23,450 Subtract: Dividends (1,950) Retained Earnings, December 31, 2008 $ 21,500 Req. 3 HIGH POWER CORPORATION
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Unformatted text preview: Balance Sheet At December 31, 2008 Assets: Cash $ 13,300 Accounts receivable 9,550 Supplies 5,000 Equipment 86,000 Total assets $113,850 Liabilities: Accounts payable $32,087 Notes payable 1,160 Total liabilities $ 33,247 Stockholders' equity: Contributed capital 59,103 Retained earnings 21,500 Total stockholders' equity 80,603 Total liabilities and stockholders' equity $113,850...
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This note was uploaded on 06/27/2008 for the course MBA BUS511 taught by Professor Nia during the Summer '08 term at Glasgow Caledonian University.

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