The Sky Blue Corporation has the following adjusted trial balance at December Credit Cash Accounts Receivable...
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The Sky Blue Corporation has the following adjusted trial balance at December Credit Cash Accounts Receivable Prepaid Insurance Notes Receivable (long-term) Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Taxes Payable Deferred Revenue Common Stock Retained Earnings Dividends Sales Revenue Rent Revenue Salaries and Wages Expense Depreciation Expense Utilities Expense Insurance Expense Rent Expense Income Tax Expense Total Debit $ 1,290 2,600 2,900 3,600 15,000 360 22,800 1,900 4,820 2,000 6,600 3,500 $ 67,370 $ 3,800 6,020 1,300 3,500 720 3,000 1,240 47,430 360 $ 67,370 Required: 1. Prepare an income statement for the year ended December 31. 2. How much net income did the Sky Blue Corporation generate during the year? The Sky Blue Corporation has the following adjusted trial balance at December Credit Cash Accounts Receivable Prepaid Insurance Notes Receivable (long-term) Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Taxes Payable Deferred Revenue Common Stock Retained Earnings Dividends Sales Revenue Rent Revenue Salaries and Wages Expense Depreciation Expense Utilities Expense Insurance Expense Rent Expense Income Tax Expense Total Debit $ 1,290 2,600 2,900 3,600 15,000 360 22,800 1,900 4,820 2,000 6,600 3,500 $ 67,370 $ 3,800 6,020 1,300 3,500 720 3,000 1,240 47,430 360 $ 67,370 Required: 1. Prepare an income statement for the year ended December 31. 2. How much net income did the Sky Blue Corporation generate during the year?
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Related Book For
Fundamentals of Financial Accounting
ISBN: 978-0078025914
5th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
Posted Date:
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