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,

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.

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1 Novations Inc Income Statement For the Year Ended December 31 2011 Sales 704000 Cost of goods sold 368000 Gross profit 336000 Operating expenses 185... View full answer

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