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
Goose Corporation, a C corporation, incurs a net capital loss of $12,000 for 2016. It also has ordinary income of $10,000 in 2016. Goose had net capital gains of $2, 500 in 2012 and $5,000 in 2015. Determine the amount, if any, of the net capital loss of $12,000 that is deduct ible in 2016. Determine the amount, if any, of the net capital loss of $12,000 that is carried forward to 2017
