Business, 24.03.2020 21:49 ghernadez

Assume that you are the president of Highlight Construction Company. At the end of the first year (December 31, 2014) of operations, the following financial data for the company are available:

Cash $25,700
Receivables from customers (all considered collectible) 11,600
Inventory of merchandise (based on physical count and priced at cost) 76,000
Equipment owned, at cost less used portion 42,100
Accounts payable owed to suppliers 47,240
Salary payable for 2014 (on December 31, 2014, this was owed to an employee who was away because of an emergency; will return around January 10, 2015, at which time the payment will be made) 2,000
Total sales revenue 117,000
Expenses, including the cost of the merchandise sold (excluding income taxes) 86,200
Income taxes expense at 30%
Pretax income; all paid during 2014
Common stock (December 31, 2014) 96,500
Dividends declared and paid during 2014 11,900 (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 2014.

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Assume that you are the president of Highlight Construction Company. At the end of the first year (D...

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