Selected accounts from the year-to-date financial statements for Nowak Company and its wholly owned subsidiary,...
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Selected accounts from the yeartodate financial statements for Nowak Company and its wholly owned subsidiary, Shawinigan Ltd were as follows: Nowak Shawinigan Consolidated Cash $ $ $ Inventory Deferred income tax asset Sales Cost of sales Income tax expense Additional Information The above statements include the only intercompany transaction this year which was a cash sale of $ by Nowak to Shawinigan at its regular margin of of sales and accrued income tax at its tax rate of Today, Shawinigan sold $ of the inventory it had purchased from Nowak to an arm's length party at its regular markup of over cost and accrued income tax at its tax rate of 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 Shawinigan Consolidated Cash $ $ $ Inventory Deferred income tax asset Sales Cost of sales Income tax expense
Selected accounts from the yeartodate financial statements for Nowak Company and its wholly owned subsidiary, Shawinigan Ltd were as follows:
Nowak Shawinigan Consolidated
Cash $ $ $
Inventory
Deferred income tax asset
Sales
Cost of sales
Income tax expense
Additional Information
The above statements include the only intercompany transaction this year which was a cash sale of $ by Nowak to Shawinigan at its regular margin of of sales and accrued income tax at its tax rate of
Today, Shawinigan sold $ of the inventory it had purchased from Nowak to an arm's length party at its regular markup of over cost and accrued income tax at its tax rate of
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 Shawinigan Consolidated
Cash $
$
$
Inventory
Deferred income tax asset
Sales
Cost of sales
Income tax expense
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