Cash $ 26,100 Receivables from customers (all considered collectible) Inventory of merchandise (based on physical count

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Cash 26 100 Receivables From Customers All Considered Collectible Inventory Of Merchandise Based On Physical Count 1 (97.51 KiB) Viewed 12 times

Cash $ 26,100 Receivables from customers (all considered collectible) Inventory of merchandise (based on physical count and priced at cost) 11,600 74,000 42,500 Equipment owned, at cost less used portion Accounts payable owed to suppliers 47,940 3,300 Salary payable (on December 31, this was owed to employee who will be paid on January 10). Total sales revenue 119,000 Expenses, including the cost of the merchandise sold (excluding income taxes) 88, 200 ? Income tax expense at 30% x pretax income; all paid during the current year Common stock (December 31) 92,000 Dividends declared and paid during the current year. 10,600 (Note: The beginning balances in Common stock and Retained earnings are zero because it is the first year of operations.) P1-1 Part 2 2. Prepare a statement of stockholders' equity for the year. HIGHLIGHT CONSTRUCTION COMPANY Statement of Stockholders' Equity For the Year Ended December 31, Current Year Common Stock Retained Earnings Balance January 1, Current year $ Stock issuance Add: Net income Less: Dividends Balance December 31, Current year $ 0 $ 92,000 92,000 0 10,600