Question

These financial statement items are for Novak Company at year-end, July 31, 2019. Salaries and wages payable Salaries and wages expense Utilities expense Equipment Accounts payable Service revenue Rent revenue Common Stock $ 1.800 51,000 22,900 31,000 4,700 Notes payable (long-term) Cash Accounts receivable Accumulated depreciation equipment Dividends Depreciation expense Retained Earnings (beginning of the year) $ 1,800 15,400 9.000 6.200 3,900 3.700 21.500 63,500 8.700 28,700

Answer 1

Novak Company
Income Statement
For the Year Ended July 31, 2019
Revenues
Service revenue	63,500
Rent revenue	8,700
Total revenue		72,200
Expenses:
Salaries and wages expense	51,000
Utilities expense	22,900
Depreciation expense	3,700
Total expenses		-77,600
Net Loss		($5,400)

Novak Company
Statement of Retained Earnings
For the Year Ended July 31, 2019
Beginning retained earnings		21,500
Less: Net Loss	-5,400
Less:Dividends	-3,900
		-9,300
Retained earnings, Ending		$12,200

Novak Company
Balance Sheet
For the Year Ended July 31, 2019
Assets		Amount
Current Assets:
Cash	15,400
Accounts receivable	9,000
Total Current Assets		24,400
Property,Plant and Equipment :
Equipment	31,000
Less:Accumulated Depreciation	-6,200
Total Property,Plant and Equipment		24,800
Total Assets		$49,200
Liabilities and Stockholders Equity
Current Liabilities:
Accounts payable	4,700
Salaries and wages payable	1,800
Total Current liabilities		6,500
Long Term Liabilities:
Notes payable (long-term)		1,800
Total liabilities		8,300
Stockholders Equity:
Common stock	28,700
Retained earnings	12,200
Total stockholders equity		40,900
Total Liabilities & Stockholders Equity		$49,200

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