Question

Novak Company ended its fiscal year on July 31, 2022. The companys adjusted trial balance as of the end of its fiscal year i
Prepare an income statement for the year. (Enter negative amounts using either a negative sign preceding the number e.g. -45
Your answer is partially correct. Prepare a retained earnings statement for the year. Novak Company Retained Earnings Stateme
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Answer #1
Revenues
Service Revenue $ 65,000
Rent Revenue $    6,500
Total Revenues $ 71,500
Expenses
Depreciation Expense $    8,000
Salaries & Wages Expense $ 56,400
Utilities Expense $ 15,000
Total Expenses $ 79,400
Net Income/ (Loss) $ (7,900)
Retained Earnings, August 1 2021 $   29,400
Add: Net Income/ (Loss) $ (7,900)
Less: Dividends $ 16,500
$ (24,400)
Retained Earnings, July 31 2022 $      5,000
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