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The Sky Blue Corporation has the following adjusted trial balance at December 31. ...

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Accounting

The Sky Blue Corporation has the following adjusted trial balance at December 31.

Debit Credit
Cash $ 1,270
Accounts Receivable 2,400
Prepaid Insurance 2,700
Notes Receivable (long-term) 3,400
Equipment 12,400
Accumulated Depreciation $ 3,000
Accounts Payable 5,620
Salaries and Wages Payable 1,100
Income Taxes Payable 3,300
Unearned Revenue 640
Common Stock 2,800
Retained Earnings 1,100
Dividends 340
Sales Revenue 44,030
Rent Revenue 340
Salaries and Wages Expense 22,000
Depreciation Expense 1,500
Utilities Expense 4,620
Insurance Expense 1,600
Rent Expense 6,400
Income Tax Expense 3,300
Total $ 61,930 $ 61,930

1.

Prepare an income statement for the year ended December 31.

2.

How much net income did the Sky Blue Corporation generate during the year?
Net Income?

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