Selected accounts from the year-to-date financial statements for Nowak Company and its wholly owned subsidiary, Shawinigan Ltd.,were as follows:CashInventoryDeferred income tax assetSalesCost of salesIncome tax expenseAdditional Information.Nowak Shawinigan$570$750210• The above statements include the only intercompany transaction this year which was a cash sale of $600 by Nowak to Shawiniganat its regular margin of 30% of sales and accrued income tax at its tax rate of 40%.CashInventoryDeferred income tax asset9,1006,370910SalesCost of salesIncome tax expenseToday, Shawinigan sold $400 of the inventory it had purchased from Nowak to an arm's length party at its regular markup of 30%over cost and accrued income tax at its tax rate of 40%.1801,740905,2004,000450Required:Determine the account balance for each account on the three financial statements after the new transaction is recorded. (Input allamounts as positive values. Omit $ sign in your response.)$$Consolidated7502,31037213,7008,8001,340NowakShawinigan$Consolidated$

Nowak Company and its wholly-owned subsidiary, Shawinigan Ltd., have provided selected accounts from…

Selected accounts from the year-to-date financial statements for Nowak Company and its wholly owned subsidiary, Shawinigan Ltd., were as follows: Cash Inventory Deferred income tax asset . Sales Cost of sales Income tax expense Nowak Shawinigan $ 570 $ 180 1,740 90 750 210 5,200 4,000 450 9,100 6,370 910 Cash Inventory Deferred income tax asset Additional Information • The above statements include the only intercompany transaction this year which was a cash sale of $600 by Nowak to Shawinigan at its regular margin of 30% of sales and accrued income tax at its tax rate of 40%. Sales Cost of sales Income tax expense Consolidated 750 2,310 372 Today, Shawinigan sold $400 of the inventory it had purchased from Nowak to an arm's length party at its regular markup of 30% over cost and accrued income tax at its tax rate of 40%. $ Required: Determine the account balance for each account on the three financial statements after the new transaction is recorded. (Input all amounts as positive values. Omit $ sign in your response.) Nowak 13,700 8,800 1,340 $ Shawinigan Consolidated $

Selected accounts from the year-to-date financial statements for Nowak Company and its wholly owned subsidiary, Shawinigan Ltd., were as follows: Cash Inventory Deferred income tax asset . Sales Cost of sales Income tax expense Nowak Shawinigan $ 570 $ 180 1,740 90 750 210 5,200 4,000 450 9,100 6,370 910 Cash Inventory Deferred income tax asset Additional Information • The above statements include the only intercompany transaction this year which was a cash sale of $600 by Nowak to Shawinigan at its regular margin of 30% of sales and accrued income tax at its tax rate of 40%. Sales Cost of sales Income tax expense Consolidated 750 2,310 372 Today, Shawinigan sold $400 of the inventory it had purchased from Nowak to an arm's length party at its regular markup of 30% over cost and accrued income tax at its tax rate of 40%. $ Required: Determine the account balance for each account on the three financial statements after the new transaction is recorded. (Input all amounts as positive values. Omit $ sign in your response.) Nowak 13,700 8,800 1,340 $ Shawinigan Consolidated $

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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