Question

The adjusted trial balance of Skysong, Inc. at December 31, 2020, includes the following accounts: Common Stock $17,600, Dividends $7,700, Service Revenue $37,400, Salaries and Wages Expense $15,600, Insurance Expense $1.200, Rent Expense $4,000, Supplies Expense $2,400, and Depreciation Expense $1,600. Prepare an income statement for the year. Skysong, Inc. Income Statement $

Answer 1

37,400 Skysong, Inc. Income Statement For the Year Ended December.31, 2020 Revenue Service Revenue $ Expenses: Salaries and Wages Expense $ 15,600 Insurance Expense $ 1,200 Rent Expense $ 4,000 Supplies Expense $ 2,400 Depreciation Expense $ 1,600 Total Expenses $ Net Income (Loss) $ 24,800 12,600