Novak Company ended its fiscal year on July 31, 2022. The company's adjusted trial balance as of the end of its fiscal year is shown as follows Credit No. 101 112 Debit $10.900 8,600 15,500 Novak Company Adjusted Trial Balance July 31, 2022 Account Titles Cash Accounts Receivable Equipment - Accumulated Depreciation-Equip. Accounts Payable Unearned Rent Revenue Common Stock Retained Earnings Dividends Service Revenue Rent Revenue Depreciation Expense Salaries and Wages Expense Utilities Expense 157 158 201 208 311 320 332 400 429 711 726 732 $7,000 4,100 1.700 17,200 29,400 16,500 65,000 6,500 8,000 56,400 15,000 $130.900 $130,900 Prepare an income statement for the year. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Novak Company Income Statement For the Year Ended July 31, 2022 Revenues Service Revenue 65000 Rent Revenue 6500 Total Revenues 71500 Expenses Depreciation Expense 8000 Salaries and Wages Expense 56400 Utilities Expense 15000 Total Expenses 29400 i Net Income /(Loss) $ 7900 Your answer is partially correct. Prepare a retained earnings statement for the year. Novak Company Retained Earnings Statement For the Year Ended July 31, 2022 Retained Earnings, August 1, 2021 : 130900 Add : Net Income /(Loss) $ 6400 Less : Dividends 16500 i 10100 Retained Earnings, July 31, 2022 $ 71500 e Textbook and Media List of Accounts