According to the certificated flight instructor (CFI), he and the student pilot flew earlier in the day in preparation for the student pilot's first solo flight. The CFI reported that the student "was doing very well at landing the airplane" and was having no problems maintaining directional control. At the time of the accident the student was completing his first solo flight. He had remained in the traffic pattern and on his first landing attempt he flared late and bounced "high." The student pilot attempted a go-around, but lost control of the airplane and collided with several aircraft hangars approximately 15 feet above ground level. The CFI reported the student pilot had no mechanical malfunctions prior to the accident.