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Novak Corporation's balance sheet at December 31, 2021, is presented as follows. Cash NOVAK CORPORATION Balance Sheet December 31, 2021 $22,300 Accounts payable 41,700 Common stock ($10 par) (1,500) Retained earnings $24,200 74,000 Accounts receivable Allowance for doubtful accounts Supplies 143,200 4,300 Land 42,600 Buildings Accumulated depreciation--buildings 156,200 (24.200 $241,400 $241,400 During 2022, the following transactions occurred. 1 2 On January 1, 2022, Novak issued 1.200 shares of $40 par, 7% preferred stock for $49.200. On January 1, 2022. Novak also issued 900 shares of the $10 par value common stock for $19,100 Novak performed services for $289.000 on account, 3. 2 3. 4. 5. 6. On January 1, 2022. Novak also issued 900 shares of the $10 par value common stock for $19.100. Novak performed services for $289,000 on account On April 1, 2022. Novak collected fees of $36,000 in advance for services to be performed from April 1, 2022, to March 31, 2023 Novak collected $269,500 from customers on account. Novak bought $38,300 of supplies on account Novak paid $35,400 on accounts payable. Novak reacquired 400 shares of its common stock on June 1, 2022, for $29 per share. Paid other operating expenses of $200,900. On December 31, 2022. Novak declared the annual preferred stock dividend and a $1.30 per share dividend on the outstanding common stock, all payable on January 15, 2023 11 An account receivable of $1.800 which originated in 2021 is written off as uncollectible. 7. 8. . . 9. 10. Adjustment data: 2 A count of supplies indicates that $5.800 of supplies remain unused at year-end. Recorded revenue from item 4 above. The allowance for doubtful accounts should have a balance of $3,600 at year end, 3 4 Depreciation is recorded on the building on a straight-line basis based on a 30-year life and a salvage value of $11,000 5 The income tax rate is 30% (Hint: Prepare the income statementupte income before income taxes and multiply by 30% to Question 2 of 2 Adjustment data: 1. 2 3. A count of supplies indicates that $5,800 of supplies remain unused at year-end. Recorded revenue from item 4 above. The allowance for doubtful accounts should have a balance of $3,600 at year end. Depreciation is recorded on the building on a straight-line basis based on a 30-year life and a salvage value of $11,000. The income tax rate is 30%. (Hint: Prepare the income statement up to income before income taxes and multiply by 30% to compute the amount.) 4, 5. (21) Your answer is partially correct. Prepare journal entries for the transactions listed above. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If rio entry is required, select "No Entry" for the account titles and enter for the amounts. Record journal entries in the order presented ed in the problem) No. Account Titles and Explanation Debit Credit 49200 1. Cash No. Account Titles and Explanation Debit Credit 1. Cash 49200 Preferred Stock 48000 Pald-in Capital in Excess of Par-Preferred Stock 1200 2. Cash 22300 Common Stock 48000 Pald-in Capital in excess of Par Common Stock 1200 3. Accounts Receivable 289000 Service Revenue 289000 4. Cash 36000 Uncanned Service Revenue 36000 5. Cash 269500 269500 5. Cash 269500 Accounts Receivable 6. Supplies 38300 Accounts Payable 38300 7. Accounts Payable 35400 Cash 35400 8. Treasury Stock 11600 Cash 11600 9. Operating Expenses 200900 Cash 200900 10 Preferred Stock 3630 Preferred Dividends Payable 3630 11 Common Stock Dividends Distributable 50-100 uestion 2 of 2 1.09/4 E 11. 153.400 Common Stock Dividends Distributable 153,400 Common Dividends Payable eTextbook and Media List of Accounts Save for Later Attempts: 2 of 5 used Submit Answer (32) Your answer is partially correct. Prepare the adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Record journal entries in the order presented in the problem.) No. Account Titles and Explanation Debit Credit 1 Supplies Expense 36800 36800 Supplies 1.09/4 Question 2 of 2 UEUIL UICUT 1. Supplies Expense 36800 36800 Supplies 2. Unearned Service Revenue 36000 Service Revenue 36000 3. Bad Debt Expense 300 300 Allowance for Doubtful Accounts 4. Depreciation Expense 4840 4840 Accumulated Depreciation Buildings 5. Income Tax Expense 24648 Income Taxes Payable 24648 e Textbook and Media List of Accounts Prepare an adjusted trial balance at December 31, 2022. NOVAK CORPORATION Adjusted Trial Balance For the Year Ending December 31, 2022 Debit Credit Service Revenue $ Prepaid Expenses Supplies Expense Bad Debt Expense Depreciation Expense Depreciation Expense Totals $ s (c1) Prepare an income statement for the year ending December 31. NOVAK CORPORATION Income Statement $ Question 2012 .0974 NOVAK CORPORATION Income Statement $ $ (62) Prepare a retained earnings statement for the year ending December 31, 2022, (List items that increase retained earnings first.) NOVAK CORPORATION Statement of Retained Earnings e Textbook and Media (c3) Prepare a classified balance sheet as of December 31, 2022. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land and Buildings.) NOVAK CORPORATION Balance Sheet Assets Liabilities and Stockholders' Equity $ $ Question 2 of 2 1,09/4 e Textbook and Media