The Sky Blue Corporation has the following adjusted trial balance at December 31. Debit Credit Cash $ 1,340 Accounts Receivable 3,100 Prepaid Insurance 3,400 Notes Receivable (long-term) 4,100 Equipment 17,500 Accumulated Depreciation $ 4,800 Accounts Payable 6,520 Salaries and Wages Payable 1,550 Income Taxes Payable 4,000 Deferred Revenue 820 Common Stock 3,500 Retained Earnings 1,440 Dividends 410 Sales Revenue 51,930 Rent Revenue 410 Salaries and Wages Expense 23,800 Depreciation Expense 2,400 Utilities Expense 5,320 Insurance Expense 2,500 Rent Expense 7,100 Income Tax Expense 4,000 Total $ 74,970 $ 74,970 Required: Prepare an income statement for the year ended December 31. How much net income did the Sky Blue Corporation generate during the year

Net Income that Sky Blue Corporation generated during the year   $ 7220

Explanation:

Sky Blue Corporation

Income Statement

For the year ended December 31

Sales Revenue  $51,930

Less Expenses:

Operating Expenses : $ 38,620

Rent Expense 7,100

Salaries and Wages Expense 23,800

Depreciation Expense 2,400

Utilities Expense 5,320

Operating Income : $ 13,310

Add Other Income : $ 410

Rent Revenue 410

Less Other Expenses : $ 6500

Insurance Expense 2,500  

Income Tax Expense 4,000

Net Income                $ 7220

We get the net income by subtracting the total expenses from the total revenues. This includes other income and other expenses.

the most important factor in the

work process or industry is to retain the interest of the employee. and to

retain them, their salary or profit must be adjusted to the best value. unless

the employee does not do his job properly, employees must receive bonuses or

benefits to ensure them to stay in the company. it will actually make them stay

longer, make them feel important and reduce costs for hiring new employees.

explanation:

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