Refer to the data for Novations, Inc., in Problem 5-47. Instructions: 1. Prepare an income statement for

Question:

Refer to the data for Novations, Inc., in Problem 5-47.

Instructions:
1. Prepare an income statement for Novations, Inc., for the year ended December 31, 2011.
2. Prepare a statement of cash flows for the year ended December 31, 2011, using the indirect method.