The SkyBlue Corporation has the following adjusted trial balance at December 31, 2014. Prepare an income statement
Question:
Prepare an income statement for the year ended December 31, 2014. How much net income did the SkyBlue Corporation generate during 2014?
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
Transcribed Image Text:
Credit Debit $ 1,230 Cash Accounts Receivable 2,000 2,300 Prepaid Insurance Notes Receivable 3,000 Equipment 12,000 $ 2,600 Accumulated Depreciation Accounts Payable 1,600 Accrued Liabilities Payable 3,820 Wages Payable Income Taxes Payable 1,000 2,900 Unearned Rent Revenue 600 Contributed Capital 2,400 Retained Earnings 1,000 Dividends Declared 300 Sales Revenue 42,030 Rent Revenue 300 Wages Expense Depreciation Expense Utilities Expense 21,600 1,300 1,220 Insurance Expense 1,400 Rent Expense Income Tax Expense 9,000 2,900 $58,250 $58,250 Total
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 62% (8 reviews)
SKY BLUE CORPORATION Income Statement For the Year Ended December 31 2014 Rev...View the full answer
Answered By
Nazrin Ziad
I am a post graduate in Zoology with specialization in Entomology.I also have a Bachelor degree in Education.I posess more than 10 years of teaching as well as tutoring experience.I have done a project on histopathological analysis on alcohol treated liver of Albino Mice.
I can deal with every field under Biology from basic to advanced level.I can also guide you for your project works related to biological subjects other than tutoring.You can also seek my help for cracking competitive exams with biology as one of the subjects.
3.30+
2+ Reviews
10+ Question Solved
Related Book For
Fundamentals Of Financial Accounting
ISBN: 9780073527109
3rd Edition
Authors: Fred Phillips, Robert Libby, Patricia A Libby
Question Posted:
Related Video
A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
Students also viewed these Accounting questions
-
The Sky Blue Corporation has the following adjusted trial balance at December 31. Prepare an income statement for the year ended December 31. How much net income did the Sky Blue Corporation generate...
-
Frostburg Retail shop has the following adjusted trial balance at December 31, 2012 Required: Prepare good forms of Income Statement, Statement Of Stockholders' Equity, and Balance Sheet for December...
-
Liner Company has the following adjusted trial balance at December 31, 2014. No dividends were declared; however, 400 additional shares were issued during the year for $ 2,000: Required: 1. Prepare a...
-
9. Let x = (1.11... 111000...) 26, in which the fractional part has 26 1's followed by O's. For the Marc-32, determine x, x+, f(x), x-xx-x, xx, and lx-fl(x)/x.
-
A ray of light propagating in an isotropic medium with refractive index n varying gradually from point to point has a curvature radius p determined by the formula 1/p = /N(In n). Where the derivative...
-
July production generated the following activity in Ciano Pianos work in process inventory. Production was completed in July, but is not recorded yet; it consists of Jobs C-55 and G-72, with total...
-
The following information is available to reconcile Style Co.s book balance of cash with its bank statement cash balance as of December 31, 2005: Required 1. Prepare the bank reconciliation for this...
-
A circular loop of wire can be used as a radio antenna. If a 18.0-cm-diameter antenna is located 2.50 km from a 95.0-MHz source with a total power of 55.0 kW, what is the maximum emf induced in the...
-
45 Find the first term a of the arithmetic sequence in which ag = 23 and a17 = 95.
-
Antelopes, native to Africa and Asia, range in size from 30 cm to over 180 cm at the shoulder, with most between 90-120 cm. This is related to the humerus length. The data below gives the length and...
-
Macro Company had the following adjusted accounts and balances at year-end (June 30, 2014): Required Prepare an adjusted trial balance for Macro Company at June 30, 2014? Depreciation Expense Income...
-
Glidden Consulting provides marketing research for clients in the retail industry. The company had the following adjusted balances at December 31, 2014 (listed alphabetically): Required 1. Prepare an...
-
Annual starting salaries for college graduates with degrees in business administration are generally expected to be between $30,000 and $45,000. Assume that a 95% confidence interval estimate of the...
-
At 7:30 p.m. on a Saturday night, police arrive on the scene of a convenience-store robbery, only minutes after it happens. The storeowner, Bill, tells police that a man approached the cashier's...
-
18. Mary owns a floral arrangement business, MaJan's Garden. The business employs a fulltime gardener and a secretary who also performs cashier duties. MaJan's Garden does not have an approved...
-
8) A killer whale in its pool observes total internal reflection when it looks at the glass wall at a certain angle (it sees the reflection of the pool, and things in it). At what boundary does this...
-
3. (20 points) Streiber Publishing Company, an all-equity firm, generates perpetual earnings before interest and taxes of $2.5 million per year. It's after-tax, all-equity discount rate is 20%. The...
-
The angular diameter of the Sun as seem from Earth is roughly 0 . 5 degrees or 3 0 arcminutes. Given that the actual diameter of the Sun is 1 . 3 9 x 1 0 ^ 9 m , calculate the distance from the Earth...
-
An important step in the manufacture of chemical fertilizer is the production of ammonia, according to the reaction N 2 + 3H 2 2NH 3 . Show that the equilibrium constant is K =6.826 at 300 F.
-
A number of years ago the United Food and Commercial Workers Union organized 800 workers of the 1035 employees at one of the Wilson Brothers food operations in Toronto, Ontario. The employees include...
-
Refer to the information about Sears given in E8-14. Data From E8-14. Assume the 2017 annual report for Sears Holding Corporation contained the following information (in millions): A footnote to the...
-
Kraft Foods Inc. is the second-largest food company in the world. Assume the company recently reported the following amounts in its unadjusted trial balance (in millions) as of December 31, 2017:...
-
Zumiez Inc. is a leading action sports retailer, focusing on skateboarding, snowboarding, surfing, and BMX, selling some of its merchandise under the Blue Tomato brand. The companys financial...
-
Angela is entitled to a fixed annual payment of $15,000 from ABC Partnership without regard to the income of the partnership. Her share of the partnership income is 10%. After deducting the...
-
Rosie has $24,000 short-term capital loss, $10,500 28% gain and $9,000 0%/15%/20% gain. Which of the following statements is correct? a. Rosie has a $19,500 net capital gain b. Rosie has a $7,500...
-
Wyatt Company was formed on January 1, Year 1, when it acquired $50,000 cash from issuing common stock. Which of the following shows the impact of this transaction on Wyatt's accounting equation?...
Study smarter with the SolutionInn App