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The Sky Blue Corporation has the following adjusted trial balance at December 31. Cash Accounts Receivable Prepaid Insurance Notes Receivable (long-term) Equipment Accumulated Depreciation

 

 

The Sky Blue Corporation has the following adjusted trial balance at December 31. 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 Debit $ 1,290 Credit 2,600 2,900 3,600 15,000 $ 3,800 6,020 1,300 3,500 720 3,000 1,240 360 47,430 360 Salaries and Wages Expense 22,800 Depreciation Expense 1,900 Utilities Expense 4,820 Insurance Expense 2,000 Rent Expense 6,600 Income Tax Expense Total 3,500 $ 67,370 $ 67,370 Required: Prepare a statement of retained earnings for the year.

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