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Novak Corporation had income from operations of $6,457,700. In addition, it suffered an unusual and infrequent pretax loss of $790,000 from a volcano eruption, interest revenue of $17,740, and a write-down on buildings of $56,410. The corporation’s tax rate is 30%. Prepare a partial income statement for Novak beginning with Income from operations. The corporation had 4,966,200 shares of common stock outstanding during 2020.

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Answer:

Explanation:

In the income statement, the total revenues and the total expenses are recorded.  

If the total revenues are more than the total expenditure then the company earns net income

And, If the total revenues are less than the total expenditure then the company have a net loss

This net income or net loss would reflect in the statement of the retained earning account.  

The preparation of the partial income statement is presented in the spreadsheet. Kindly find the attachment below:

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