Presented below is information for Novak Corp. for the month of January 2022. Cost of goods sold $216,128 Rent expense $34,000 Freight-out 6,000 Sales discounts 8,000 Insurance expense 12,000 Sales returns and allowances 20,000 Salaries and wages expense 56,000 Sales revenue 380,000 (a) Prepare a multiple-step income statement. (If there is a net loss then enter the amount using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
Presented below is information for Novak Corp. for the month of January 2022. Cost of goods sold $216,128 Rent expense $34,000 Freight-out 6,000 Sales discounts 8,000 Insurance expense 12,000 Sales returns and allowances 20,000 Salaries and wages expense 56,000 Sales revenue 380,000 (a) Prepare a multiple-step income statement. (If there is a net loss then enter the amount using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Presented below is information for Novak Corp. for the month of January 2022.
Cost of goods sold | $216,128 | Rent expense | $34,000 | |||
---|---|---|---|---|---|---|
Freight-out | 6,000 | Sales discounts | 8,000 | |||
Insurance expense | 12,000 | Sales returns and allowances | 20,000 | |||
Salaries and wages expense | 56,000 |
Sales revenue
|
380,000 |
(a)
Prepare a multiple-step income statement. (If there is a net loss then enter the amount using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
Novak Corp.
Income Statement choose the accounting period |
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select an opening name for section one
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enter an income statement item
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$enter a dollar amount
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select between addition and deduction :
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enter an income statement item
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$enter a dollar amount
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enter an income statement item
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enter a dollar amount
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enter a subtotal of the two previous amounts
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select an opening name for section one
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enter a total amount for section one
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enter an income statement item
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enter a dollar amount
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select an opening name for section one
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enter a total amount for the first part
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select an opening name for section one
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enter an income statement item
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enter a dollar amount
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enter an income statement item
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enter a dollar amount
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enter an income statement item
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enter a dollar amount
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enter an income statement item
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enter a dollar amount
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select an opening name for section one
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enter a total amount for section two
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select an opening name for section one
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$enter a total net income or loss amount
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