Novak Corporation and Pina Corporation, two companies of roughly the same size, are both involved in the manufacture of shoe- tracing devices. Each company depreciates its plant assets using the straight-line approach. An investigation of their financial statements reveals the following information. Net income Sales revenue Total assets (average) Plant assets (average) Intangible assets (goodwill) (a) Novak Corp. $217,800 Pina Corp. $316,210 1,210,000 1,264,840 3,300,000 3,070,000 2,410,000 1,854,000 369,100 0

Novak Corporation and Pina Corporation, two companies of roughly the same size, are both involved in the manufacture of shoe- tracing devices. Each company depreciates its plant assets using the straight-line approach. An investigation of their financial statements reveals the following information. Net income Sales revenue Total assets (average) Plant assets (average) Intangible assets (goodwill) (a) Novak Corp. $217,800 Pina Corp. $316,210 1,210,000 1,264,840 3,300,000 3,070,000 2,410,000 1,854,000 369,100 0

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working!!!!!!!
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