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Novak's effective tax rate on all items is 20%. A physical inventory indicates that the ending inventory is $686,000. Prepare a condensed 2025 income statement for Novak Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48 NOVAK CORPORATION Income Statement

Novak's effective tax rate on all items is 20%. A physical inventory indicates that the ending inventory is $686,000. Prepare a condensed 2025 income statement for Novak Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48 NOVAK CORPORATION Income Statement

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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Novak's effective tax rate on all items is 20%. A physical inventory indicates that the ending inventory is $686,000. Prepare a condensed 2025 income statement for Novak Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.) NOVAK CORPORATION Income Statement 10
Transcribed Image Text:Novak's effective tax rate on all items is 20%. A physical inventory indicates that the ending inventory is $686,000. Prepare a condensed 2025 income statement for Novak Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.) NOVAK CORPORATION Income Statement 10
The following are selected ledger accounts of Novak Corporation at December 31, 2025. Cash Inventory Sales revenue Unearned sales revenue Purchases Sales discounts Purchase discounts Selling expenses Accounting and legal services Insurance expense (office) Advertising expense Delivery expense Depreciation expense (office equipment) Depreciation expense (sales equipment) $255,300 738,300 5,899,500 161,460 3,844,680 46,920 37,260 95,220 45,540 33,120 74,520 128,340 66,240 49,680 Salaries and wages expense (sales) Salaries and wages expense (office) Purchase returns Sales returns and allowances Freight-in Accounts receivable Sales commissions Telephone and Internet expense (sales) Utilities expense (office) Miscellaneous office expenses Rent revenue Casualty loss (before tax) Interest expense Common stock ($10 par) $391,920 477,480 20,700 109,020 99,360 196,650 114,540 23,460 44,160 11,040 331,200 96,600 242,520 605,000
Transcribed Image Text:The following are selected ledger accounts of Novak Corporation at December 31, 2025. Cash Inventory Sales revenue Unearned sales revenue Purchases Sales discounts Purchase discounts Selling expenses Accounting and legal services Insurance expense (office) Advertising expense Delivery expense Depreciation expense (office equipment) Depreciation expense (sales equipment) $255,300 738,300 5,899,500 161,460 3,844,680 46,920 37,260 95,220 45,540 33,120 74,520 128,340 66,240 49,680 Salaries and wages expense (sales) Salaries and wages expense (office) Purchase returns Sales returns and allowances Freight-in Accounts receivable Sales commissions Telephone and Internet expense (sales) Utilities expense (office) Miscellaneous office expenses Rent revenue Casualty loss (before tax) Interest expense Common stock ($10 par) $391,920 477,480 20,700 109,020 99,360 196,650 114,540 23,460 44,160 11,040 331,200 96,600 242,520 605,000
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