Question

prepare an income statement and provide the net income

nect Assignment i Saved Required information M4-14 through M4-17 Reporting an Income Statement, Repo Reporting a Balance Sheet and Recording Closing Journal E (The following information applies to the questions displayed below.) The Sky Blue Corporation has the following adjusted trial balance at D Credit Debit $ 1,240 2,100 2,400 3,100 12,500 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 Total $ 2,800 5,520 1,050 3,000 620 2,500 1,040 310 42,930 310 21,800 1,400 4,320 1,500 6,100 3,000 $59,770 $ 59, 770 < Prey 3 of 11 ! Score

Answer 1

SKY BLUE CORPORATION
Income Statement
For the year ended December 31
Particulars	Amount ($)
REVENUES
Sales revenue	42,930
Rent revenue	310
Total revenue (a)	43,240
EXPENSES
Salaries & wages expenses	21,800
Depreciation expenses	1,400
Utilities expenses	4,320
Insurance expenses	1,500
Rent expenses	6,100
Income tax expenses	3,000
Total Expenses (b)	38,120
Net Income (a) - (b)	5,120