value: 8.33 points The Sky Blue Corporation has the following adjusted trial bal

ID: 2410463 • Letter: V

Question

value: 8.33 points The Sky Blue Corporation has the following adjusted trial balance at December 31. Debit Credit Cash Accounts Receivable Prepaid Insurance Notes Receivable (long-term) Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable S 1,230 2,300 3,000 12,000 s 2,600 5,420 1,000 2,900 600 Income Taxes Payable Unearned Revenue Common Stock 2,400 1,000 300 42,030 Revenue Salaries and Wages Expense Depreciation Expense Utilities Expense Insurance Expense Rent Expense Income Tax Expense 21,600 1,300 4,220 1.400 6,000 2,900 Total $58,250 $58,250 1. Prepare an income statement for the year ended December 31. SKY BLUE CORPORATION Type here to search

Explanation / Answer

SKY BLUE CORPORATION

Income Statement

For the Year Ended December 31

Revenues:

Sales revenue

$ 42,030.00

Rent revenue

$ 300.00

Total revenues

$ 42,330.00

Expenses:

Salaries and wages expense

$ 21,600.00

Rent expense

$ 6,000.00

Insurance expense

$ 1,400.00

Depreciation expense

$ 1,300.00

Utilities expense

$ 4,220.00

Income tax expense

$ 2,900.00

Toal expenses

$ 37,420.00

Net income

$ 4,910.00