Income statement for Novak Corp with the given information. Exercise 5-12 The...
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Income statement for Novak Corp with the given information. Exercise 5-12 The following selected accounts from the Novak Corp.'s general ledger are presented below for the year ended December 31, 2022: Advertising expense $ 66,000 Interest revenue $ 43,000 Common stock 261,000 Inventory 78,000 Cost of goods sold 1,096,000 Rent revenue 24,000 Depreciation expense 136,000 Retained earnings 546,000 Dividends 161,000 Salaries and wages expense 685,000 Freight-out 36,000 Sales discounts 9,700 Income tax expense 81,000 Sales returns and allowances 54,000 Insurance expense 15,000 Sales revenue 2,410,000 Interest expense 80,000 Prepare a multiple-step income statement Novak Corp. Income Statement For the Year Ended December 31, 2022 Sales Revenue 2410000 Less Sales Discounts 9700 $ Sales Returns and Allowances 54000 2346300
Income statement for Novak Corp with the given information.
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