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 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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Selected data (in thousands) derived from the income statement and balance sheet of Cardinas Corp. for a recent year are as follows: Income statement data: Line Item Description Amount Net income $49,265 Gain on disposal of property 1,140 Depreciation expense 11,570 Other items involving noncash expenses 1,425 Balance sheet data: Line Item Description Amount Increase in accounts receivable 1,795 Decrease in inventory 1,030 Increase in prepaid expenses 605 Decrease in accounts payable 720 Decrease in accrued and other current liabilities 965 Question Content Area a. Prepare the “Cash flows from (used for) operating activities” section of the statement of cash flows, using the indirect method for Cardinas Corp. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Enter the amounts in thousands of dollars, as shown above. Cardinas Corp.Cash Flows from Operating Activities(in thousands) Line…

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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