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Problem 4-4 The following account balances were included in the trial balance of Novak Corporation at...

Problem 4-4

The following account balances were included in the trial balance of Novak Corporation at June 30, 2017.

Sales revenue $1,585,350 Depreciation expense (office furniture and equipment) $7,704
Sales discounts 33,010 Property tax expense 7,543
Cost of goods sold 905,200 Bad debt expense (selling) 4,494
Salaries and wages expense (sales) 57,430 Maintenance and repairs expense (administration) 9,479
Sales commissions 98,700 Office expense 5,740
Travel expense (salespersons) 35,400 Sales returns and allowances 64,934
Delivery expense 22,110 Dividends received 38,980
Entertainment expense 14,830 Interest expense 17,670
Telephone and Internet expense (sales) 9,070 Income tax expense 108,190
Depreciation expense (sales equipment) 5,217 Depreciation understatement due to error—2014 (net of tax) 17,398
Maintenance and repairs expense (sales) 5,893 Dividends declared on preferred stock 8,520
Miscellaneous selling expenses 4,910 Dividends declared on common stock 37,030
Office supplies used 3,116
Telephone and Internet expense (administration) 2,587


The Retained Earnings account had a balance of $350,680 at July 1, 2016. There are 77,950 shares of common stock outstanding.

a)Using the multiple-step form, prepare an income statement for the year ended June 30, 2017. (Round earnings per share to 2 decimal places, e.g. 1.48.)

b)Prepare a retained earnings statement for the year ended June 30, 2017. (List items that increase adjusted retained earnings first.)

c)Using the single-step form, prepare an income statement for the year ended June 30, 2017. (Round earnings per share to 2 decimal places, e.g. 1.48.)


d)Prepare a retained earnings statement for the year ended June 30, 2017. (List items that increase adjusted retained earnings first.)

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Expert Solution

ekkarill92 answered 2 years ago
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