Question

The options in the drop-down are the same for all drop-down blacks (besides the top one)

On May 1, Novak Corp., a company that provides flying lessons, was started by using common stock in exchange for cash of $45,100. Following are the assets and liabilities of the company on May 31, 2020, and the revenues and expenses for the month of May. Cash Accounts Receivable Equipment Service Revenue Advertising Expense Accounts Payable $ 4,750 7,500 64,100 6,900 600 1,500 Notes Payable Rent Expense Maintenance and Repairs Expense Gasoline Expense Utilities Expense $28,000 1,050 500 2,350 250 No additional investments were made in May, but the company paid dividends of $400 during the month. (a1) Prepare an income statement for the month of May. Novak Corp. Income Statement $ Dividends Expenses Net Income / (Loss) Retained Earnings, May 1 Retained Earnings, May 31 Revenues Total Expenses Total Revenues Investments $

Answer 1

Balance Sheet Liabilitics Amount Assets Amount Commm Stucks usloo Equip met 64109 Retained 1750 Accounts 7500 Earning Recevable Notes Puyable glow Can 4750 1500 Payable Accounts 76350 76350

Income Statement Service Revenue 6900 - Rent Expense ( loro Maintchence Expense Suo - 2350 Casoline Expense uhlites Expense 250 GOD Advertising Expenic g150 Net Income