Novak Inc., a retailer of garden tools that follows ASPE, had the following statements prepared as of December 31, 2023:CashAccounts receivableInventoryPrepaid rentEquipmentAccumulated depreciation-equipmentTotal assetsNOVAK Inc.Comparative Statement of Financial PositionDecember 31Accounts payableIncome tax payableLong-term loans payableCommon sharesRetained earningsTotal liabilities and shareholders' equitySales revenueCost of goods soldGross marginOperating expensesOperating incomeInterest expenseGain on disposal of equipmentIncome before income taxNet incomeIncome tax expense1.Additional information:3.2023$71,380$11.20057,400(2,100)41,800NOVAK Inc.Income StatementYear Ended December 31, 2023(33,000)$297,0805,500154,000$50,0004,20060,000126,000$297,08056,880$370,000197,000173,000117,40055,6009,10046,50022,320$24,1802022$53,90050,80074,0004,100126,000(22,100)$286,700$38,5006,40069,500127,20045,100Dividends on common shares in the amount of $12,400 were declared and paid during 2023.2. Depreciation expense of $24,900 is included in operating expenses.Equipment with a cost of $20,000 that was 70% depreciated was sold during 2023.$286,700 Prepare a statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a-sign e.g. -15,000 orin parenthesis e.g. (15,000).)NOVAK Inc.Statement of Cash Flows (Direct Method)>>$$

The question is based on the concept of cash flow statement. Cash flow statement is a statement that…

Novak Inc., a retailer of garden tools that follows ASPE, had the following statements prepared as of December 31, 2 NOVAK Inc. Comparative Statement of Financial Position December 31 Cash Accounts receivable Inventory Prepaid rent 2023 $71,380 57,400 41,800 5,500 2022 $53,900 50,800 74,000 4,100

Novak Inc., a retailer of garden tools that follows ASPE, had the following statements prepared as of December 31, 2 NOVAK Inc. Comparative Statement of Financial Position December 31 Cash Accounts receivable Inventory Prepaid rent 2023 $71,380 57,400 41,800 5,500 2022 $53,900 50,800 74,000 4,100

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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