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The Sky Blue Corporation has the following adjusted trial balance at December 31. Debit Credit Cash $ 1,300 Accounts Receivable 2,700 Prepaid Insurance 3,000 Notes
The Sky Blue Corporation has the following adjusted trial balance at December 31.
Debit Credit
Cash $ 1,300
Accounts Receivable 2,700
Prepaid Insurance 3,000
Notes Receivable (long-term) 3,700
Equipment 15,500
Accumulated Depreciation $ 4,000
Accounts Payable 6,120
Salaries and Wages Payable 1,350
Income Taxes Payable 3,600
Deferred Revenue 740
Common Stock 3,100
Retained Earnings 1,280
Dividends 370
Sales Revenue 48,330
Rent Revenue 370
Salaries and Wages Expense 23,000
Depreciation Expense 2,000
Utilities Expense 4,920
Insurance Expense 2,100
Rent Expense 6,700
Income Tax Expense 3,600
Total $ 68,890 $ 68,890
Required:
Prepare an income statement for the year ended December 31.
How much net income did the Sky Blue Corporation generate during the year?
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