Assume that you are the president of highlight construction company

assume that you are the president of Highlight Construction comapny. at the end of the initially year ( December 31, of operations the following financial information for the agency are available:

Cash...........................................$25,600

Receivables from customers ( all taken into consideration collectible)............10,800

inventory of merchandise( based upon physical count and priced at cost).................81,000

devices owned, at cost less provided percentage.................................................42,000

accoubts payable owed to carriers...........................................46,140

Salary payable for 2014 ( on December 31, 2014 this was owed to an employee who was ameans bereason of an emergency; will certainly rerotate around january 10,2015, at which time the payment will be made)..............................................................................2,520

total sales revenue.................................................................128,400

prices, including the cost of the merchandise marketed (excluding revenue taxes).....................80,200

earnings taxes cost at 30% X

prevalent staock ( december 31, 2014).......................................................................87,000

dividends asserted and phelp throughout 2014.................................................................10,000

(note: the begining balances in widespread stock and also maintained income are zero bereason it is the first year of operations)

USINIG THE FINANCIAL STATEMENT EXHIBITS IN THE CHAPTER AS MODELS AND SHOWING COMPUTATIONS:

1. prepare a summarizd income statement for the year 2014.

You watching: Assume that you are the president of highlight construction company

2.prepare a statement of stockholders' equity for the year 2014

3. prepare a balance sheet at December 21,2014.

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Required: 
1. Prepare a summarized earnings statement for the year 2014.

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HIGHLIGHT CONSTRUCTION COMPANY 
Income Statement 
For the Year Ended December 31, 2014 
Total sales revenue  
Total expenses  
   
Pretax income  
Income taxes expense  
   
   
   
2. Prepare a statement of stockholders' equity for the year 2014  
   
HIGHLIGHT CONSTRUCTION COMPANY
Statement of Stockholders’ Equity
For the Year Ended December 31, 2014
 Typical StockRetained Earnings
Balance December 31, 2013  
   
   
   
Balance December 31, 2014  
   
3. Prepare a balance sheet at December 31, 2014.  
   
HIGHLIGHT CONSTRUCTION COMPANY
Balance Sheet
At December 31, 2014
Assets  
   
   
   
   
   
   
Total assets $              -
Liabilities  
   
   
   
   
Total liabilities $              -
Stockholders' Equity  
   
   
   
   
Total stockholders' equity $              -
Total liabilities and also stockholders' equity $              -
   

 

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