Saturday, 15 March 2014

The Sky Blue Corporation has the following adjusted trial balance at December 31, 2009. Debit Credit Cash $ 1,790 Accounts Receivable 2,440 Prepaid Insurance 2,300 Notes Receivable 2,300 Equipment 13,200 Accumulated Depreciation $ 400 Accounts Payable 1,200 Accrued Liabilities Payable 3,090 Wages Payable 1,170 Income Taxes Payable 2,100 Unearned Rent Revenue 790 Contributed Capital 2,500 Retained Earnings 1,400 Dividends Declared 170 Sales Revenue 41,120 Rent Revenue 360 Wages Expense 18,300 Depreciation Expense 400 Utilities Expense 310 Insurance Expense 220 Rent Expense 9,300 Income Tax Expense 3,400 Total $ 54,130 $ 54,130 Required: Prepare an income statement for 2009. (Input all amounts as positive values. Omit the "$" sign in your response.) SKY BLUE CORPORATION Income Statement For the Year Ended December 31, 2009 Revenues: Sales revenue $ Rent revenue Total Revenues Expenses: Wages expense Rent expense Insurance expense Depreciation expense Utilities expense Income tax expense Total Expenses Net income $

The Sky Blue Corporation has the following adjusted trial balance at December 31, 2009.  
  Debit Credit
  Cash $ 1,790    
  Accounts Receivable   2,440    
  Prepaid Insurance   2,300    
  Notes Receivable   2,300    
  Equipment   13,200    
  Accumulated Depreciation     $ 400  
  Accounts Payable       1,200  
  Accrued Liabilities Payable       3,090  
  Wages Payable       1,170  
  Income Taxes Payable       2,100  
  Unearned Rent Revenue       790  
  Contributed Capital       2,500  
  Retained Earnings       1,400  
  Dividends Declared   170    
  Sales Revenue       41,120  
  Rent Revenue       360  
  Wages Expense   18,300    
  Depreciation Expense   400    
  Utilities Expense   310    
  Insurance Expense   220    
  Rent Expense   9,300    
  Income Tax Expense   3,400    
 



     Total $ 54,130 $ 54,130  
 









Required:
Prepare an income statement for 2009. (Input all amounts as positive values. Omit the "$" sign in your response.)

SKY BLUE CORPORATION
Income Statement
For the Year Ended December 31, 2009
  Revenues:  
      Sales revenue $  
      Rent revenue  
 
           Total Revenues  
 
  Expenses:  
      Wages expense  
      Rent expense  
      Insurance expense  
      Depreciation expense  
      Utilities expense  
      Income tax expense  
 
           Total Expenses  
 
  Net income $  
 


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