The following information was taken from the records of Novak Inc. for the year 2020: Income tax applicable to income from continuing operations $239,360; income tax applicable to loss on discontinued operations $32,640, and unrealized holding gain on available-for-sale securities (net of tax) $19,200. Gain on sale of equipment   $121,600   Cash dividends declared   $192,000 Loss on discontinued operations   96,000   Retained earnings January 1, 2020   3,360,000 Administrative expenses   307,200   Cost of goods sold   1,088,000 Rent revenue   51,200   Selling expenses   384,000 Loss on write-down of inventory   76,800   Sales Revenue   2,432,000 Shares outstanding during 2020 were 100,000. Prepare a single-step income statement (with respect to items in Income from operations). (Round earnings per share to 2 decimal places, e.g. 1.48.)                                                                                                                                                             $

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The following information was taken from the records of Novak Inc. for the year 2020: Income tax applicable to income from continuing operations $239,360; income tax applicable to loss on discontinued operations $32,640, and unrealized holding gain on available-for-sale securities (net of tax) $19,200.

Gain on sale of equipment   $121,600   Cash dividends declared   $192,000
Loss on discontinued operations   96,000   Retained earnings January 1, 2020   3,360,000
Administrative expenses   307,200   Cost of goods sold   1,088,000
Rent revenue   51,200   Selling expenses   384,000
Loss on write-down of inventory   76,800   Sales Revenue   2,432,000


Shares outstanding during 2020 were 100,000.

Prepare a single-step income statement (with respect to items in Income from operations). (Round earnings per share to 2 decimal places, e.g. 1.48.)

 
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
   
 
 
Part 2
Prepare a comprehensive income statement for 2020, using the two statement format.
NOVAK INC.
Comprehensive Income Statement
eTextbook and Media
List of Accounts
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Transcribed Image Text:Part 2 Prepare a comprehensive income statement for 2020, using the two statement format. NOVAK INC. Comprehensive Income Statement eTextbook and Media List of Accounts %24 %24 > > >
Part 3
Prepare a retained earnings statement for 2020. (List items that increase retained earnings first.)
NOVAK INC.
Retained Earnings Statement
eTextbook and Media
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Transcribed Image Text:Part 3 Prepare a retained earnings statement for 2020. (List items that increase retained earnings first.) NOVAK INC. Retained Earnings Statement eTextbook and Media %24 %24 > > .. > >
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