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CALCULATOR PRINTER VERSION BACK NEXT RESOURCES IC 03 Problem 4-04 (Part Level Submission) The following account balances were included in the trial balance of Novak Corporation at June 30, 2020. Sales revenue $1,592,670 Depreciation expense (office furniture and equipment) $7,151 4 (Part ssion) Sales discounts 31,900 Property tax expense 7,099 5,263 Bad debt expense (selling) Maintenance and repairs expense (administration) Cost of goods sold 899,200 Salaries and wages expense (sales) 57,010 8,803 Sales commissions 98,990 Office expense 5,560 6 (Part Ssion) Travel expense (salespersons) 31,000 Sales returns and allowances 68,004 Delivery expense 23,270 Dividends received 41,490 Entertainment expense 14,950 Interest expense 16,770 Telephone and Internet expense (sales) 9,140 Income tax expense 108,670 s by Study 5,013 Depreciation understatement due to error-2017 (net of tax) 18,834 Depreciation expense (sales equipment) Maintenance and repairs expense (sales) Miscellaneous selling expenses 6,043 Dividends declared on preferred stock 9,140 4,798 Dividends declared on common stock 40,580 3,206 Office supplies used Telephone and Internet expense (administration) 2,954 The Retained Earnings account had a balance of $337,480 at July 1, 2019. There are 87,000 shares of common stock outstanding. (a1) Using the multiple-step form, prepare an income statement for the year ended June 30, 2020. (Round earnings per share to 2 decimal places, e.g. 1.48.) Activate Windows NOVAK CORPORATION Go to Settings to activate Winco Income Statement 3/16/2020 e to search Using the multiple-step form, prepare an Ihcome statemer NOVAK CORPORATION Income Statement art For the Year Ended June 30, 2020 art $1 y Study Activate Windows Go to Settings to activate Wi 3/ a search

CALCULATOR PRINTER VERSION BACK NEXT RESOURCES IC 03 Problem 4-04 (Part Level Submission) The following account balances were included in the trial balance of Novak Corporation at June 30, 2020. Sales revenue $1,592,670 Depreciation expense (office furniture and equipment) $7,151 4 (Part ssion) Sales discounts 31,900 Property tax expense 7,099 5,263 Bad debt expense (selling) Maintenance and repairs expense (administration) Cost of goods sold 899,200 Salaries and wages expense (sales) 57,010 8,803 Sales commissions 98,990 Office expense 5,560 6 (Part Ssion) Travel expense (salespersons) 31,000 Sales returns and allowances 68,004 Delivery expense 23,270 Dividends received 41,490 Entertainment expense 14,950 Interest expense 16,770 Telephone and Internet expense (sales) 9,140 Income tax expense 108,670 s by Study 5,013 Depreciation understatement due to error-2017 (net of tax) 18,834 Depreciation expense (sales equipment) Maintenance and repairs expense (sales) Miscellaneous selling expenses 6,043 Dividends declared on preferred stock 9,140 4,798 Dividends declared on common stock 40,580 3,206 Office supplies used Telephone and Internet expense (administration) 2,954 The Retained Earnings account had a balance of $337,480 at July 1, 2019. There are 87,000 shares of common stock outstanding. (a1) Using the multiple-step form, prepare an income statement for the year ended June 30, 2020. (Round earnings per share to 2 decimal places, e.g. 1.48.) Activate Windows NOVAK CORPORATION Go to Settings to activate Winco Income Statement 3/16/2020 e to search Using the multiple-step form, prepare an Ihcome statemer NOVAK CORPORATION Income Statement art For the Year Ended June 30, 2020 art $1 y Study Activate Windows Go to Settings to activate Wi 3/ a search

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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CALCULATOR PRINTER VERSION BACK NEXT RESOURCES IC 03 Problem 4-04 (Part Level Submission) The following account balances were included in the trial balance of Novak Corporation at June 30, 2020. Sales revenue $1,592,670 Depreciation expense (office furniture and equipment) $7,151 4 (Part ssion) Sales discounts 31,900 Property tax expense 7,099 5,263 Bad debt expense (selling) Maintenance and repairs expense (administration) Cost of goods sold 899,200 Salaries and wages expense (sales) 57,010 8,803 Sales commissions 98,990 Office expense 5,560 6 (Part Ssion) Travel expense (salespersons) 31,000 Sales returns and allowances 68,004 Delivery expense 23,270 Dividends received 41,490 Entertainment expense 14,950 Interest expense 16,770 Telephone and Internet expense (sales) 9,140 Income tax expense 108,670 s by Study 5,013 Depreciation understatement due to error-2017 (net of tax) 18,834 Depreciation expense (sales equipment) Maintenance and repairs expense (sales) Miscellaneous selling expenses 6,043 Dividends declared on preferred stock 9,140 4,798 Dividends declared on common stock 40,580 3,206 Office supplies used Telephone and Internet expense (administration) 2,954 The Retained Earnings account had a balance of $337,480 at July 1, 2019. There are 87,000 shares of common stock outstanding. (a1) Using the multiple-step form, prepare an income statement for the year ended June 30, 2020. (Round earnings per share to 2 decimal places, e.g. 1.48.) Activate Windows NOVAK CORPORATION Go to Settings to activate Winco Income Statement 3/16/2020 e to search
Transcribed Image Text:CALCULATOR PRINTER VERSION BACK NEXT RESOURCES IC 03 Problem 4-04 (Part Level Submission) The following account balances were included in the trial balance of Novak Corporation at June 30, 2020. Sales revenue $1,592,670 Depreciation expense (office furniture and equipment) $7,151 4 (Part ssion) Sales discounts 31,900 Property tax expense 7,099 5,263 Bad debt expense (selling) Maintenance and repairs expense (administration) Cost of goods sold 899,200 Salaries and wages expense (sales) 57,010 8,803 Sales commissions 98,990 Office expense 5,560 6 (Part Ssion) Travel expense (salespersons) 31,000 Sales returns and allowances 68,004 Delivery expense 23,270 Dividends received 41,490 Entertainment expense 14,950 Interest expense 16,770 Telephone and Internet expense (sales) 9,140 Income tax expense 108,670 s by Study 5,013 Depreciation understatement due to error-2017 (net of tax) 18,834 Depreciation expense (sales equipment) Maintenance and repairs expense (sales) Miscellaneous selling expenses 6,043 Dividends declared on preferred stock 9,140 4,798 Dividends declared on common stock 40,580 3,206 Office supplies used Telephone and Internet expense (administration) 2,954 The Retained Earnings account had a balance of $337,480 at July 1, 2019. There are 87,000 shares of common stock outstanding. (a1) Using the multiple-step form, prepare an income statement for the year ended June 30, 2020. (Round earnings per share to 2 decimal places, e.g. 1.48.) Activate Windows NOVAK CORPORATION Go to Settings to activate Winco Income Statement 3/16/2020 e to search
Using the multiple-step form, prepare an Ihcome statemer NOVAK CORPORATION Income Statement art For the Year Ended June 30, 2020 art $1 y Study Activate Windows Go to Settings to activate Wi 3/ a search
Transcribed Image Text:Using the multiple-step form, prepare an Ihcome statemer NOVAK CORPORATION Income Statement art For the Year Ended June 30, 2020 art $1 y Study Activate Windows Go to Settings to activate Wi 3/ a search
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