Presented below is information related to Novak Corp. for the year 2020. Net sales Cost of...

 

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Presented below is information related to Novak Corp. for the year 2020. Net sales Cost of goods sold Selling expenses Administrative expenses Dividend revenue Interest revenue (a) $1,664,000 998,400 83.200 61.440 25,600 8,960 Write-off of inventory due to obsolescence Depreciation expense omitted by accident in 2019 Casualty loss Cash dividends declared Retained earnings at December 31, 2019 Effective tax rate of 20% on all items $102,400 NOVAK CORP. Income Statement 70,400 64,000 57,600 1,254.400 Prepare a multiple-step income statement for 2020. Assume that 97.280 shares of common stock are outstanding for the entire year. (Round earnings per share to 2 decimal places, e.g. 1.49.) Presented below is information related to Novak Corp. for the year 2020. Net sales Cost of goods sold Selling expenses Administrative expenses Dividend revenue Interest revenue (a) $1,664,000 998,400 83.200 61.440 25,600 8,960 Write-off of inventory due to obsolescence Depreciation expense omitted by accident in 2019 Casualty loss Cash dividends declared Retained earnings at December 31, 2019 Effective tax rate of 20% on all items $102,400 NOVAK CORP. Income Statement 70,400 64,000 57,600 1,254.400 Prepare a multiple-step income statement for 2020. Assume that 97.280 shares of common stock are outstanding for the entire year. (Round earnings per share to 2 decimal places, e.g. 1.49.)

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Multi Step Income Statement for Novak Corp for the year 202... View the full answer