Problem 2-3B (Part Level Submission) You are provided with the following informa

Question

Problem 2-3B (Part Level Submission) You are provided with the following information for Novak Corp., effective as of its April 30, 2014, year-end Accounts payable Accounts receivable Accumulated depreciation-equipment Depreciation expense Cash Common stock Equipment Sales revenue Income tax expense Income taxes payable Interest expense Interest payable Notes payable (due in 2018) Prepaid rent Rent expense Retained earnings, beginning Salaries and wages expense $3,145 10,250 6,600 3,155 21,055 20,300 2,845 24,350 20,495 745 345 395 220 4,800 425 760 13,960 5,940

Explanation / Answer

Income Statement For the year ended April 30,2014 Revenues Sales revenue 20495 Expenses: Salaries and wages expense 5940 Depreciation expense 3155 Interest expense 395 Rent expense 760 Income tax expense 745 Total expenses 10995 Net income(loss) 9500

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