To prepare the Income Statement for Equilibrium Riding, Inc. for the year ending December 31, you need to list the revenue and expense accounts and calculate the net profit. Here's the Income Statement based on the information provided:

Explanation:

Equilibrium Riding, Inc. Income Statement For the Year Ended December 31 Revenue: Service Revenue: $35,700 Expenses: Salaries and Wages Expense: $3,900 Repairs and Maintenance Expense: $410 Office Expense: $270 Total Expenses: $4,580 Net Profit: $35,700 - $4,580 = $31,120 Now, to calculate the Net Profit Margin, you divide the Net Profit by the Service Revenue and multiply by 100 to get the percentage: Net Profit Margin = (Net Profit / Service Revenue) * 100 Net Profit Margin = ($31,120 / $35,700) * 100 Net Profit Margin 87.2%

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