Novak Corp. began the year with retained earnings of $124000. During 2022, the company issued $80000 of common stock for cash. The company recorded revenues of $728000, expenses of $637000, and paid dividends of $35000. What was Novak's net income for the year 2022

$100,000

Explanation:

Novak's net income for the year will be = Total Revenue generated - Total expenses incurred

For the year 22000;

Revenue generated:

Retained earning = $124,000

Company recorded revenues for year 22000= $728,000

Total Revenue = $124,000+$728,000

Total revenue = $852,000

Expenses incurred:

Common stock for cash issued = $80,000

Expenses = $637,000

Paid dividend = $35,000

Total expenses incurred = $80,000+$637,000+$35,000

= $752,000

Net income = $852,000 - $752,009

Net income = $100,000

Novak's net income for the year 2022 is $100,000

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