Presented below is information for Novak Depot for 2022.Interest expense $35,500 Operating expenses $206,000Interest revenue 42,500 Cost of goods sold 667,100Net sales 953,000 Loss on disposal of equipment 3,000Prepare a single-step income statement, a multiple-step income statement, and compute the gross profit rate. (List other revenues before other expenses. Round Gross profit rate to 2 decimal places, eg. 25.20)NOVAK DEPOT.Income Statementchoose the accounting period For the Year Ended December 31, 2022December 31, 2022For the Month Ended December 31, 2022select an opening name for section one Total ExpensesExpensesIncome from OperationsRevenuesOther Expenses and LossesSalesDrawingsOwner's Capital, January 1, 2020Other Revenues and GainsNet SalesGross ProfitNet Income / (Loss)Owner's Capital, December 31, 2020Total Revenues select an income statement item Net Income / (Loss)Owner's Capital, January 1, 2020Income from OperationsDrawingsNet SalesExpensesOwner's Capital, December 31, 2020Total ExpensesOther Expenses and LossesGross ProfitSalesRevenuesTotal RevenuesOther Revenues and Gains $enter a dollar amount enter an income statement item enter a dollar amountselect a closing name for section one Net SalesGross ProfitExpensesSalesIncome from OperationsOther Revenues and GainsOwner's Capital, December 31, 2020Owner's Capital, January 1, 2020Total ExpensesDrawingsTotal RevenuesNet Income / (Loss)Other Expenses and Losses enter a total amount for section oneselect an opening name for section two Total ExpensesOther Revenues and GainsNet SalesNet Income / (Loss)SalesGross ProfitOwner's Capital, December 31, 2020Total RevenuesOwner's Capital, January 1, 2020Income from OperationsExpensesOther Expenses and LossesDrawings enter an income statement item $enter a dollar amount enter an income statement item enter a dollar amount enter an income statement item enter a dollar amount enter an income statement item enter a dollar amount select a closing name for section two Income from OperationsGross ProfitOwner's Capital, January 1, 2020Total RevenuesTotal ExpensesExpensesOwner's Capital, December 31, 2020Net SalesSalesNet Income / (Loss)DrawingsOther Revenues and GainsOther Expenses and Losses enter a total amount for section twoselect a closing name for this statement Other Revenues and GainsNet Income / (Loss)Total RevenuesDrawingsExpensesGross ProfitOwner's Capital, January 1, 2020Other Expenses and LossesIncome from OperationsOwner's Capital, December 31, 2020SalesTotal ExpensesNet Sales $enter a total net income or loss amount $enter a dollar amount Gross profit rateenter the Gross profit rate in percentages %

Name: Presented below is information for Novak Depot for 2022.Interest expen
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Description: Presented below is information for Novak Depot for 2022.Interest expense $35,500 Operating expenses $206,000Interest revenue 42,500 Cost of goods sold 667,100Net sales 953,000 Loss on disposal of equipment 3,000Prepare a single-step income statement,

Answer: Single-step Income Statement

Answered: Presented below is information for…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Presented below is information for Novak Depot for 2022.

Interest expense	$35,500	Operating expenses	$206,000
Interest revenue	42,500	Cost of goods sold	667,100
Net sales	953,000	Loss on disposal of equipment	3,000

Prepare a single-step income statement, a multiple-step income statement, and compute the gross profit rate. (List other revenues before other expenses. Round Gross profit rate to 2 decimal places, eg. 25.20)

NOVAK DEPOT. Income Statement choose the accounting period For the Year Ended December 31, 2022December 31, 2022For the Month Ended December 31, 2022
select an opening name for section one Total ExpensesExpensesIncome from OperationsRevenuesOther Expenses and LossesSalesDrawingsOwner's Capital, January 1, 2020Other Revenues and GainsNet SalesGross ProfitNet Income / (Loss)Owner's Capital, December 31, 2020Total Revenues
select an income statement item Net Income / (Loss)Owner's Capital, January 1, 2020Income from OperationsDrawingsNet SalesExpensesOwner's Capital, December 31, 2020Total ExpensesOther Expenses and LossesGross ProfitSalesRevenuesTotal RevenuesOther Revenues and Gains		$enter a dollar amount
enter an income statement item		enter a dollar amount
select a closing name for section one Net SalesGross ProfitExpensesSalesIncome from OperationsOther Revenues and GainsOwner's Capital, December 31, 2020Owner's Capital, January 1, 2020Total ExpensesDrawingsTotal RevenuesNet Income / (Loss)Other Expenses and Losses		enter a total amount for section one
select an opening name for section two Total ExpensesOther Revenues and GainsNet SalesNet Income / (Loss)SalesGross ProfitOwner's Capital, December 31, 2020Total RevenuesOwner's Capital, January 1, 2020Income from OperationsExpensesOther Expenses and LossesDrawings
enter an income statement item	$enter a dollar amount
enter an income statement item	enter a dollar amount
enter an income statement item	enter a dollar amount
enter an income statement item	enter a dollar amount
select a closing name for section two Income from OperationsGross ProfitOwner's Capital, January 1, 2020Total RevenuesTotal ExpensesExpensesOwner's Capital, December 31, 2020Net SalesSalesNet Income / (Loss)DrawingsOther Revenues and GainsOther Expenses and Losses		enter a total amount for section two
select a closing name for this statement Other Revenues and GainsNet Income / (Loss)Total RevenuesDrawingsExpensesGross ProfitOwner's Capital, January 1, 2020Other Expenses and LossesIncome from OperationsOwner's Capital, December 31, 2020SalesTotal ExpensesNet Sales		$enter a total net income or loss amount


						$enter a dollar amount

Gross profit rate

enter the Gross profit rate in percentages %

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