The following account balances were included in the trial balance of Novak Corporation at June 30, 2025. Depreciation expense (office furniture and equipment) Sales revenue $1,592,670 Sales discounts 31,900 Property tax expense Cost of goods sold 899,200 Bad debt expense (selling) Salaries and wages expense (sales) 57,010 Maintenance and repairs expense (administration) Sales commissions 98,990 Office expense Travel expense (salespersons) 31,000 Sales returns and allowances Delivery expense 23,270 Dividends revenue Entertainment expense 14,950 Interest expense Telephone and Internet expense (sales) 9,140 Income tax expense Depreciation expense (sales equipment) 5,013 Depreciation understatement due to error-2025 (net of tax) Maintenance and repairs expense (sales) 6,043 Dividends declared on preferred stock Miscellaneous selling expenses 4,798 Dividends declared on common stock Office supplies used 3,206 Telephone and Internet expense (administration) 2,954 The Retained Earnings account had a balance of $337,480 at July 1, 2024. 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, 2025. (Round earnings per share to 2 decimal places, e.g. 1.48.) $ >
The following account balances were included in the trial balance of Novak Corporation at June 30, 2025. Depreciation expense (office furniture and equipment) Sales revenue $1,592,670 Sales discounts 31,900 Property tax expense Cost of goods sold 899,200 Bad debt expense (selling) Salaries and wages expense (sales) 57,010 Maintenance and repairs expense (administration) Sales commissions 98,990 Office expense Travel expense (salespersons) 31,000 Sales returns and allowances Delivery expense 23,270 Dividends revenue Entertainment expense 14,950 Interest expense Telephone and Internet expense (sales) 9,140 Income tax expense Depreciation expense (sales equipment) 5,013 Depreciation understatement due to error-2025 (net of tax) Maintenance and repairs expense (sales) 6,043 Dividends declared on preferred stock Miscellaneous selling expenses 4,798 Dividends declared on common stock Office supplies used 3,206 Telephone and Internet expense (administration) 2,954 The Retained Earnings account had a balance of $337,480 at July 1, 2024. 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, 2025. (Round earnings per share to 2 decimal places, e.g. 1.48.) $ >
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter22: Accounting For Changes And Errors.
Section: Chapter Questions
Problem 10MC: Shannon Corporation began operations on January 1, 2019. Financial statements for the years ended...
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Transcribed Image Text:The following account balances were included in the trial balance of Novak Corporation at June 30, 2025.
Depreciation expense (office furniture and equipment)
Sales revenue
$1,592,670
Sales discounts
31,900
Property tax expense
Cost of goods sold
899,200
Bad debt expense (selling)
Salaries and wages expense (sales)
57,010
Maintenance and repairs expense (administration)
Sales commissions
98,990
Office expense
Travel expense (salespersons)
31,000
Sales returns and allowances
Delivery expense
23,270
Dividends revenue
Entertainment expense
14,950
Interest expense
Telephone and Internet expense (sales)
9,140
Income tax expense
Depreciation expense (sales equipment)
5,013
Depreciation understatement due to error-2025 (net of tax)
Maintenance and repairs expense (sales)
6,043
Dividends declared on preferred stock
Miscellaneous selling expenses
4,798
Dividends declared on common stock
Office supplies used
3,206
Telephone and Internet expense (administration)
2,954
The Retained Earnings account had a balance of $337,480 at July 1, 2024. There are 87,000 shares of common stock outstanding.
(a1)
Using the multiple-step form, prepare an income statement for the year ended June 30, 2025. (Round earnings per share to 2
decimal places, e.g. 1.48.)
Transcribed Image Text:$
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