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M4-14 through M4-17 Reporting an Income Statement, Reporting a Statement of Retained Earnings, Reporting a Balance Sheet and Recording Closing Journal Entries [LO 4-4, LO 4-5) [The following information applies to the questions displayed below. The Sky Blue Corporation has the following adjusted trial balance at December 31. Credit Debit $ 1,340 3,100 3,400 4,100 17,500 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 $ 4,800 6,520 1,550 4,000 820 3,500 1,440 410 51,930 410 23,800 2,400 5,320 2,500 7,100 4,000 $74,970 Total $74,970 M4-15 Prepare a statement of retained earnings for the year. SKY BLUE CORPORATION Statement of Retained Earnings Balance, January 1 xusururile 4,189 17,500 $ 4,809 6,520 1,550 4,080 820 3,500 1,440 Part 1 of 2 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 410 51,930 410 points 23,880 2,400 5,320 2,580 7,180 4,000 $74,970 $74,970 M4-15 Prepare a statement of retained earnings for the year. SKY BLUE CORPORATION Statement of Retained Earnings nings Balance, January 1 L Balance, December 31