Question

In its income statement for the year ended December 31, 2020, Novak Company reported the following condensed data.

Operating expenses		$731,780		Interest revenue		$30,980
Cost of goods sold		1,303,500		Loss on disposal of plant assets		18,110
Interest expense		74,730		Net sales		2,413,600
				Other comprehensive loss		8,200

Prepare a single-step income statement. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

NOVAK COMPANY Income Statement December 31, 2020For the Month Ended December 31, 2020For the Year Ended December 31, 2020
DrawingsExpensesNet Income / (Loss)Owner's Capital, January 1, 2020Owner's Capital, December 31, 2020RevenuesTotal ExpensesTotal RevenuesNet SalesIncome from OperationsOther Revenues and GainsOther Expenses and Losses
Net Income / (Loss)Net SalesOwner's Capital, January 1, 2020Owner's Capital, December 31, 2020Total ExpensesTotal RevenuesGross ProfitIncome from OperationsOther Revenues and GainsOther Expenses and LossesDrawingsExpenses		$
Net Sales    Income from Operations    Other Revenues and Gains    Other Expenses and Losses    Drawings    Net Income / (Loss)    Total Revenues    Owner's Capital, December 31, 2020    Expenses    Revenues    Owner's Capital, January 1, 2020    Total Expenses
DrawingsExpensesNet Income / (Loss)Owner's Capital, January 1, 2020Owner's Capital, December 31, 2020RevenuesTotal ExpensesTotal RevenuesNet SalesIncome from OperationsOther Revenues and GainsOther Expenses and Losses
	$
Drawings    Expenses    Net Income / (Loss)    Owner's Capital, January 1, 2020    Owner's Capital, December 31, 2020    Revenues    Total Expenses    Total Revenues    Net Sales    Income from Operations    Other Revenues and Gains    Other Expenses and Losses
Owner's Capital, December 31, 2020DrawingsTotal RevenuesOther Revenues and GainsOther Expenses and LossesGross ProfitNet Income / (Loss)Total ExpensesExpensesOwner's Capital, January 1, 2020Net SalesComprehensive Income / (Loss)Income from OperationsOther Comprehensive Loss		$

Answer 1

Novak Company
Income Statement
For the Year Ended December 31, 2020
Net Sales	2,413,600
Cost of goods sold	1,303,500
Gross Profit	1,110,100
Operating Expenses	731,780
Income From Operations	378,320
Other Revenues and Gains
Interest Revenue	30,980
Other Expenses and Losses
Interest Expense	74,730
Loss on Disposal of Plant Assets	18,110
Net Income / (Loss)	316,460
Novak Company
Comprehensive Income Statement
For the Year Ended December 31, 2020
Net Income / (Loss)	316,460
Other Comprehensive Income / (Loss)	8,200
Comprehensive Income / (Loss)	308,260