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2019 Comparative Balance Sheets December 31 Assets 2020 Cash $34,600 Accounts recelvable 32,450 Inventory 26,400 Equipment 59,000 Accumulated depreciation equipment (29,450) Total $123,000 $19,900 19,050
2019 Comparative Balance Sheets December 31 Assets 2020 Cash $34,600 Accounts recelvable 32,450 Inventory 26,400 Equipment 59,000 Accumulated depreciation equipment (29,450) Total $123,000 $19,900 19,050 20,150 77,500 (23,250) $113,350 Llabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $28,500 7,250 27,200 17,400 42,650 $123,000 $ 16,050 8,300 33,150 14,050 41,800 $113,350 NOSKER COMPANY Income Statement For the Year Ended December 31, 2020 Sales revenue Cost of goods sold Gross profit Operating expenses Income from operations Interest expense Income before income taxes Income tax expense Net income $241,750 176,950 64,800 24,200 40,600 2,250 38,350 8,600 $29.750 Additional data: 1. Dividends declared and paid were $28,900. 2. During the year, equipment was sold for $7.950 cash. This equipment cost $18,500 originally and had a book value or $7.950 at the time of sale 3. All depreciation expense, $16,750, is in the operating expenses. 4. All sales and purchases are on account Prepare a statement of cash flows using the Indirect method. (Show amounts that decrease cash flow with elthera - sign e.g. -15,00 (15,000).) NOSKER COMPANY Statement of Cash Flows Adjustments to reconcile net income to > > > Peper CONTOWN
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