CALCULATOR P Problem 2-2 (Part Level Submission) These items are taken from the financial statements of Novak Corp. for 2017. $35,660 Retained earnings (beginning of year) Utilities expense Equipment Accounts payable Cash Salaries and wages payable Common stock Dividends Service revenue Prepaid insurance Maintenance and repairs expense Depreciation expense Accounts receivable Insurance expense Salaries and wages expense Accumulated depreciation- equipment 2,140 70,660 20,260 13,950 7,360 12,000 12,000 71,380 7,860 1,660 3,100 13,660 2,700 40,380 21,450 (al) Your answer is correct. Prepare an income statement for the year ended December 31, 2017. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Novak Corp. Income Statement For the Year Ended December 31, 2017 Revenues Service Revenue 71380 E Expenses Salaries and Wages Expense 40380 Insurance Expense 2700 Depreciation Expense 3100 Maintenance and Repairs Expense 1660 Utilities Expense 2140 Total Expenses 49980 Net Income /(Loss) 21400 SHOW LIST OF ACCOUNTS SHOW SOLUTION LINK TO TEXT Attempts: 1 of 10 used (a2) Prepare a retained earnings statement for the year ended December 31, 2017. (List items that increase retained earnings first.) Novak Corp. Retained Earnings Statement SHOW LIST OF ACCOUNTS LINK TO TEXT SAVE FOR LATER SUBMIT ANSWER Attempts: 0 of 10 used