Question - Presented below is information related to Novak Corp. for the year 2017.
Net sales$1,324,900Write-off of inventory due to obsolescence$80,970Cost of goods sold788,800Depreciation expense omitted by accident in 201646,300Selling expenses67,600Casualty loss51,500Administrative expenses54,300Cash dividends declared46,010Dividend revenue27,900Retained earnings at December 31, 20161,020,840Interest revenue8,170Effective tax rate of 34% on all items.
Prepare multiple-step income statement for 2017. Assume that 62,230 shares of common stock are outstanding.