Using the unadjusted trial balance provided below, you are required to :

1. Prepare an Income Statement for the year ending December 31; and,
2. Calculate the Net Profit Margin.

Note: For the Net Profit Margin, do not forget the "%" sign and round your answer up to 2 decimal places

The following accounts are taken from Equilibrium Riding, Inc., a company that specializes in occupational therapy and horseback riding lessons, as of December 31

EQUILIBRIUM RIDING, INC.

Unadjusted Trial Balance

At December 31

Account Name	Debits	Credits
Cash	$ 59,750
Accounts Receivable	3,300
Prepaid Insurance	4,700
Equipment	64,600
Land	23,000
Accounts Payable		$ 29,230
Deferred Revenue		1,500
Notes Payable(long-term)		74,000
Common Stock		5,000
Retained Earnings		14,500
Dividends	0
Service Revenue		35,700
Salaries and Wages Expense	3,900
Repairs and Maintenance Expense	410
Other expenses	270
Totals	$159,930	$159,930