Question

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

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

$

Homework Answers

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
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