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Exercise 4-3 Presented below are certain account balances of Novak Products Co. Sales discounts Selling expenses Rent revenue Interest expense Beginning retained earnings Ending retained
Exercise 4-3 Presented below are certain account balances of Novak Products Co. Sales discounts Selling expenses Rent revenue Interest expense Beginning retained earnings Ending retained earnings Dividend revenue $7,850 99,530 405,200 $7,120 13,040 114,740 134,890 71,910 12,430 24,744 Sales revenue Income tax expense Cost of goods sold Administrative expenses 192,416 74,560 Sales returns and allowances From the foregoing, compute the following: (a) total net revenue using single-step income statement, (b) net income, (c) income attributable to controlling stockholders, if Novak has allocation to noncontrolling interest of $19,400. (a) Total net revenue (b) Net income A (c) Income attributable to controlling stockholders
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