Answer:
$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
