The entry to close Income Summary toNova, Capital includesThe income statemernt for the year 2008 of Nova Ca contains the following information:P70,000RevenuesExpenses:Wages ExpenseP45,000Rent Expense12,000Advertising Exponse6,000Supplies Expense6,000USities Expense2,500Insurance Expense2,000Total expensesNot income (losa)73,500P3.500)O a debit to Revenue for P70,000.credits to Expenses totalling P73,500.a credit to Income Summary for P3,500.a credit to Nova, Capital for P3,500.

Formula: Net income = Revenues - expenses

Answered: The entry to close Income Summary to…

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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The following are the details from the income statements of division S and division C for the year ending March 2014. Figures in TZS "000" Sales revenue 100,000 64,000 6,000 120,000 75,000 10,000 150,000 Operating cost Interest cost Capital invested 122,000 Capital invested include debt WACC 10% 12.5% Rate of corporate tax 40% 44% Required: Calculate NOPAT as adjusted for EVA and also calculate EVA for both the divisions. Which Division performed better?
The following information is available for Tamarisk Corp. for the year ended December 31, 2022. Other revenues and gains $23,800 Other expenses and losses 4,000 Cost of goods sold 292,000 Sales discounts 4,600 Sales revenue 760,000 Operating expenses 221,000 Sales returns and allowances 10,800 Prepare a multiple-step income statement for Tamarisk Corp. The company has a tax rate of 25%.
Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Current Year Previous YearSales $4,000,000 $3,600,000Cost of goods sold 2,280,000 1,872,000Selling expenses 600,000 648,000Administrative expenses 520,000 360,000Income tax expense 240,000 216,000a. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. Round to the nearest whole percentage.b. Comment on the significant changes disclosed by the comparative income statement.
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The entry to close Income Summary to Nova, Capital includes The income statemernt for the year 2008 of Nova Ca contains the following information: Revenues Expenses: Wages Expense P70,000 P45,000 Rent Expense 12,000 Advertising Expense 6,000