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Problem 17-7A The following are the financial statements of Nosker Company. NOSKER COMPANY Comparative Balance Sheets December 31 Assets 2016 Cash $35,850 $20,350 Accounts receivable 32,200 18,950 Inventory 26,000 20,100 Equipment 59,700 77,050 Accumulated depreciation-equipment (29,000) (23.100) Total $124,750 $113,350 2017 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings $28,650 7.300 26,400 18.350 44.050 124,750 $ 16,250 8,250 33,250 14,900 40,700 113.350 Total NOSKIR COMPANY In Statement For the Year End December 31, 2017 Sales revenue Cost of goods sold Gross profit Operating expenses Income from operations Interest expense Income before income taxes Income tax expense Net income $242.750 175,850 66,000 23,600 43.300 3.500 50.800 7,050 $32,750 Additional data: 1. Dividends declared and paid were $29.400. 2. During the year equpment was sold for $8.500 cash. This equipment cost $17,350 onionally and had accumulated depreciation of $9.050 at the time of sale 3. All depreciation expense, $14.950. in the operating expenses 4. All sales and purchases are on account. 1. Dividends declared and paid were $29,400. 2. During the year equipment was sold for $8,300 cash. This equipment cost $17,350 originally and had accumulated depreciation of $9,050 at the time of sale. 3. All depreciation expense, $14,950, 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 either a sign e.. - 15.000 or in parenthesis ec- (15,000).) NOSKER COMPANY Statement of Cash Flows For the Year Ended December 31, 2017 Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense 14950 Increase in Accounts Receivable (13250) Increase in Inventory (5900) Increase in Accounts Payable 12400 Decrease in Income Taxes Payable (950) 40.000 Net Cash Provided by Operating Activities. Cash Flows from Investing Activities Sale of Equipment Cash Flows from Financing Active Isance of common stock Increase in Accounts Receivable (13250) Problem 17-7A Problem 10.24 Increase in Inventory (5000) Review Score Review Results by Study objective Increase in Accounts Payable Decrease in Income Taxes Pay 7250 Net Cash Provided by Operating Activities 40,000 Cash Flows from Investing Activities Sale of Equipment Cash Flows from Financing Activities Issuance of Common Stock Redemption of Bonds Payment of Dividends Net Cash Used by Financing Activities Net Increase in Cash Cash at Beginning of Period Cash at End of Period Compute free cash flow. Free Cash Flow Click if you would like to show Work for this question: Qon Show. W