Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Could someone help with the rest of this problem. Thank you The following are the financial statements of Nosker Company. NOSKER COMPANY Comparative Balance Sheets

Could someone help with the rest of this problem. Thank you

The following are the financial statements of Nosker Company.
NOSKER COMPANY Comparative Balance Sheets December 31
Assets 2017 2016
Cash $37,400 $20,500
Accounts receivable 32,900 18,100
Inventory 30,600 20,000
Equipment 59,700 77,900
Accumulated depreciationequipment (29,100 ) (23,500 )
Total $131,500 $113,000
Liabilities and Stockholders Equity
Accounts payable $28,300 $16,500
Income taxes payable 7,500 8,200
Bonds payable 27,900 32,800
Common stock 18,600 14,200
Retained earnings 49,200 41,300
Total $131,500 $113,000
NOSKER COMPANY Income Statement For the Year Ended December 31, 2017
Sales revenue $241,800
Cost of goods sold 175,200
Gross profit 66,600
Operating expenses 24,600
Income from operations 42,000
Interest expense 3,900
Income before income taxes 38,100
Income tax expense 8,500
Net income $29,600
Additional data:
1. Dividends declared and paid were $21,700.
2. During the year equipment was sold for $9,700cash. This equipment cost $18,200originally and had a book value of $9,700 at the time of sale.
3. All depreciation expense, $14,100, is in the operating expenses.
4. All sales and purchases are on account.

Warning

Don't show me this message again for the assignment

Ok Cancel
Your answer is partially correct.Try again.
Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
NOSKER COMPANY Statement of Cash Flows For the Month Ended December 31, 2017For the Year Ended December 31, 2017December 31, 2017EAT_1417088878250_1_3911839485245463
Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in Cash26571990_0_3226985025189918_dropdown_279_resp_5
Increase in InventoryFor Income TaxesFor InterestIncrease in Accounts ReceivableFor Operating ExpensesIncrease in Income Taxes PayableDecrease in Accounts PayableNet IncomeSale of EquipmentDecrease in InventoryIssuance of Common StockDecrease in Accounts ReceivableDepreciation ExpenseIncrease in Accounts PayablePurchase of EquipmentIssuance of BondsDecrease in Income Taxes PayableRedemption of BondsRedemption of Common StockPayment of DividendsTo Suppliers26571990_0_3226985025189918_dropdown_281_resp_1 $ 42000
Adjustments to reconcile net income to
Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in Cash26571990_0_3226985025189918_dropdown_287_resp_5
Decrease in Accounts PayableIncrease in InventoryIncrease in Accounts PayableNet IncomeFor InterestFor Operating ExpensesIncrease in Accounts ReceivableDepreciation ExpenseIncrease in Income Taxes PayableTo SuppliersSale of EquipmentDecrease in Income Taxes PayableFor Income TaxesDecrease in Accounts ReceivableDecrease in InventoryPurchase of EquipmentRedemption of Common StockIssuance of Common StockRedemption of BondsPayment of DividendsIssuance of Bonds26571990_0_3226985025189918_dropdown_289_resp_21 $
Redemption of BondsSale of EquipmentIncrease in Income Taxes PayableDecrease in Accounts PayablePurchase of EquipmentRedemption of Common StockNet IncomeTo SuppliersPayment of DividendsIncrease in Accounts ReceivableFor Operating ExpensesIssuance of Common StockIssuance of BondsFor InterestFor Income TaxesDepreciation ExpenseIncrease in Accounts PayableDecrease in Income Taxes PayableIncrease in InventoryDecrease in InventoryDecrease in Accounts Receivable26571990_0_3226985025189918_dropdown_294_resp_2 14100
Payment of DividendsIssuance of Common StockDecrease in Accounts PayableSale of EquipmentNet IncomePurchase of EquipmentDecrease in InventoryTo SuppliersDecrease in Accounts ReceivableRedemption of BondsRedemption of Common StockIssuance of BondsDecrease in Income Taxes PayableFor Operating ExpensesIncrease in Income Taxes PayableFor InterestIncrease in Accounts PayableDepreciation ExpenseIncrease in InventoryFor Income TaxesIncrease in Accounts Receivable26571990_0_3226985025189918_dropdown_299_resp_9
Increase in InventoryRedemption of BondsPurchase of EquipmentDecrease in Accounts PayableDecrease in InventoryIncrease in Accounts PayableIncrease in Accounts ReceivableDecrease in Accounts ReceivableSale of EquipmentIssuance of Common StockIncrease in Income Taxes PayableIssuance of BondsFor Income TaxesFor InterestDepreciation ExpenseRedemption of Common StockDecrease in Income Taxes PayableNet IncomePayment of DividendsTo SuppliersFor Operating Expenses26571990_0_3226985025189918_dropdown_304_resp_7
Decrease in Accounts PayableFor Operating ExpensesRedemption of BondsIncrease in Accounts ReceivableDecrease in Accounts ReceivableSale of EquipmentPurchase of EquipmentTo SuppliersIncrease in Accounts PayableFor InterestIssuance of Common StockDecrease in Income Taxes PayableFor Income TaxesNet IncomeIncrease in Income Taxes PayableRedemption of Common StockIssuance of BondsPayment of DividendsDepreciation ExpenseIncrease in InventoryDecrease in Inventory26571990_0_3226985025189918_dropdown_309_resp_3
Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in Cash26571990_0_3226985025189918_dropdown_317_resp_5
Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in Cash26571990_0_3226985025189918_dropdown_322_resp_4
Decrease in Income Taxes PayableRedemption of Common StockDepreciation ExpenseFor Income TaxesIssuance of Common StockPayment of DividendsIncrease in Income Taxes PayableDecrease in InventoryIncrease in InventoryIncrease in Accounts PayableTo SuppliersFor Operating ExpensesIncrease in Accounts ReceivableNet IncomeDecrease in Accounts PayableFor InterestDecrease in Accounts ReceivableSale of EquipmentPurchase of EquipmentIssuance of BondsRedemption of Bonds26571990_0_3226985025189918_dropdown_324_resp_11 9700
Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in Cash26571990_0_3226985025189918_dropdown_329_resp_3
Decrease in Income Taxes PayableRedemption of Common StockPayment of DividendsFor Income TaxesIncrease in Accounts PayableFor InterestDecrease in Accounts PayableIncrease in InventoryDecrease in InventoryIssuance of Common StockIncrease in Accounts ReceivablePurchase of EquipmentRedemption of BondsDecrease in Accounts ReceivableTo SuppliersIncrease in Income Taxes PayableFor Operating ExpensesDepreciation ExpenseSale of EquipmentNet IncomeIssuance of Bonds26571990_0_3226985025189918_dropdown_331_resp_19
Purchase of EquipmentIncrease in Income Taxes PayableIssuance of Common StockIncrease in InventoryDecrease in InventoryIssuance of BondsFor Operating ExpensesPayment of DividendsSale of EquipmentIncrease in Accounts PayableTo SuppliersRedemption of BondsDecrease in Accounts PayableDecrease in Income Taxes PayableIncrease in Accounts ReceivableDecrease in Accounts ReceivableRedemption of Common StockNet IncomeFor InterestFor Income TaxesDepreciation Expense26571990_0_3226985025189918_dropdown_336_resp_15
Redemption of BondsDecrease in InventoryDecrease in Accounts ReceivableIncrease in Accounts ReceivablePurchase of EquipmentSale of EquipmentDecrease in Accounts PayableIncrease in InventoryIssuance of Common StockIssuance of BondsIncrease in Accounts PayableNet IncomeIncrease in Income Taxes PayablePayment of DividendsTo SuppliersFor Income TaxesRedemption of Common StockFor Operating ExpensesFor InterestDepreciation ExpenseDecrease in Income Taxes Payable26571990_0_3226985025189918_dropdown_341_resp_13
Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in Cash26571990_0_3226985025189918_dropdown_346_resp_6
Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in Cash26571990_0_3226985025189918_dropdown_351_resp_13
Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in Cash26571990_0_3226985025189918_dropdown_356_resp_1
Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in Cash26571990_0_3226985025189918_dropdown_361_resp_2 $

Warning

Don't show me this message again for the assignment

Ok Cancel
Link to Text Link to Text
Your answer is incorrect.Try again.
Compute free cash flow.
Free cash flow $

Warning

Don't show me this message again for the assignment

Ok Cancel

Link to TextLink to Text

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Information Systems

Authors: Cynthia D Heagy, Constance M Lehmann

7th Edition

1111219516, 978-1111219512

More Books

Students also viewed these Accounting questions

Question

13. Give four examples of psychological Maginot lines.

Answered: 1 week ago