Question

In its income statement for the year ended December 31, 2022. Novak Corp.reported the following condensed data. Operating expenses $ 733,000 Interest revenue $ 46,000 Cost of goods sold 1.269,000 Loss on disposal of plant assets Interest expense 83.000 Net sales 58,000 Other comprehensive income (net of $1,200 tax) 29,000 2.212,000 9,600 Income tax expense Prepare a multiple-step income statement Novak Corp Income Statement e Textbook and Media List of Accounts Prepare a comprehensive income statement. Novak Corp Comprehensive Income Statement

Answer 1

Novak Corp Income statement For the year ended December 31, 2022 Net Sales Less: Cost of goods sold Gross profit Less: Operating expenses Income from operation Add: Other revenue: Interest revenues Less: Other expenses and losses Interest expenses Loss on disposal of plant assets 22120001 1269000 943000 733000 210000 46000 83000 29000 Income before tax Less: Income tax expenses Net Income 112000 144000 580001 86000 Novak Corp Comprehensive Income Statement For the year ended December 31, 2022 Net Income Other Comprehensive income net of 1200 tax ) Comprehensive Income 86000 96001 95600