The trial balance of Novak Corp. contained the following accounts at November 30, the end of the companys fiscal year.

Novak Corp. Trial Balance November 30, 2019
		Debit		Credit
Cash		$ 8,800
Accounts Receivable		29,700
Inventory		45,200
Supplies		6,200
Equipment		135,000
Accumulated DepreciationEquipment				$ 29,000
Notes Payable				51,000
Accounts Payable				50,400
Common Stock				45,000
Retained Earnings				40,000
Dividends		10,000
Sales Revenue				756,000
Sales Returns and Allowances		9,000
Cost of Goods Sold		497,100
Salaries and Wages Expense		139,800
Advertising Expense		24,000
Utilities Expense		13,900
Maintenance and Repairs Expense		11,800
Freight-Out		16,800
Rent Expense		24,100
Totals		$971,400		$971,400

Adjustment data:

1.		Supplies on hand totaled $2,200.
2.		Depreciation is $13,000 on the equipment.
3.		Interest of $4,000 is accrued on notes payable at November 30.
4.		Inventory actually on hand is $44,900.

(b1) Prepare a multiple-step income statement for the year. (If there is a net loss then enter the amount using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Novak Corp. Income Statement $ : $ $

Novak corp. Worksheet Trial Balance Account Title Balance sheet Unadj. T/BAdjustments Dr 8800 29700 45200 6200 Adj. T/BIncome statement Dr. Cr. Dr. 8800 29700 300 44900 4000 2200 135000 8800 29700 44900 2200 135000 AR Inventory Supplies Equipment Accumulated dep.- equipment Notes payable Accouts payable Common Stock Retained Earnings Dividends Sales Revenue Sales Returns and Allowances COGS Salaries and wages exp Advertising Expense Utilities exp Maintenance and Repairs Expe Freight-Out Rent Expense Supplies exp Dep. Exp Interest exp Interest payable Totals Net loss 135000 13000 42000 51000 42000 51000 51000 45000 45000 45000 10000 10000 10000 756000 756000 756000 9000 497100 139800 9000 497400 139800 9000 497400 139800 300 13900 11800 16800 24100 13900 11800 16800 24100 4000 13000 13900 11800 16800 24100 4000 13000 13000 4000 2400 1800 0600 971400 971400 21300 21300 988400 988400757800756000 600 1800 756000 756000 600