Acc300 Principles of Accounting: M4-12 The Sky Blue Corporation has the following adjusted

Acc300 Principles of Accounting

M4-12 Reporting an Income Statement
The Sky Blue Corporation has the following adjusted trial balance at December 31, 2009.
Debit Credit
Cash 1,230
Accounts Receivable 2,000
Prepaid Insurance 2,300
Notes Receivable 3,000
Equipment 12,000
Accumulated Depreciation 2,600
Accounts Payable 1,600
Accrued Liabilities Payable 3,820
Wages Payable 1,000
Income Taxes Payable 2,900
Unearned Rent Revenue 600
Contributed Capital 2,400
Retained Earnings 1,000
Dividends Declared 300
Sales Revenue 42,030
Rent Revenue 300
Wages Expense 21,600
Depreciation Expense 1,300
Utilities Expense 1,220
Insurance Expense 1,400
Rent Expense 9,000
Income Tax Expense 2,900
Total $58,250 $58,250
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