The adjusted trial balance of Novak Corp. shows these data pertaining to sales at the end of its fiscal year, October 31, 2022: Sales Revenue $907,200; Freight-Out $13,600; Sales Returns and Allowances $19,800; and Sales Discounts $15,200. Required:
Prepare the sales section of the income statement.

$872,200

Explanation:

Preparation of the sales section of the income statement.

NOVAK CORP Income Statement ( Partial)

for the year ended 31 Oct, 2022

Revenue [Net Sales]

Sales Revenue $907,200

Less:

Sales Return & Allowances($19,800)

Sales Discounts($15,200)

Net Sales $872,200

Therefore the sales section of the income statement is $872,200

(a) when insurance is obtained through a reciprocal insurer, the insureds are sharing the risk of loss with other subscribers of that reciprocal.

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