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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.) $ >

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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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: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.)
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