Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Need help on what exactly to put into the empty boxes in this order please. Thank you. The following are the financial statements of Nosker

Need help on what exactly to put into the empty boxes in this order please. Thank you.

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

The following are the financial statements of Nosker Company. NOSKER COMPANY Comparative Balance Sheets December 31 Assets 2020 Cash $34,150 Accounts receivable 32,700 Inventory 26,650 Equipment 59,500 Accumulated depreciation-equipment (29,900) Total $123,100 2019 $19,250 19,300 21,000 77,200 (23,200) $113,550 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $28,350 7,200 28,000 17,950 41,600 $123,100 $ 16,550 8,200 32,250 14,050 42,500 $113,550 NOSKER COMPANY Income Statement For the Year Ended December 31, 2020 Sales revenue Cost of goods sold Gross profit $241,950 175,000 66.950 Operating expenses Income from operations Interest expense Income before income taxes Income tax expense Net income 24,850 42,100 2,700 39,400 8,800 $30,600 Additional data: 1. Dividends declared and paid were $31,500. 2. During the year, equipment was sold for $8,500 cash. This equipment cost $17,700 originally and had a book value of $8,500 at the time of sale. 3. All depreciation expense, $15,900, 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.g. -15,000 or in parenthesis e.g. (15,000).) NOSKER COMPANY Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flows from Operating Activities Net Income 30600 Adjustments to reconcile net income to Net Cash Used by Operating Activities S Compute free cash flow. (Enter negative amount using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Free Cash Flow

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

The ASQ Certified Food Safety And Quality Auditor

Authors: Steven Wilson

4th Edition

1951058186, 978-1951058180

More Books

Students also viewed these Accounting questions

Question

9. Describe the characteristics of power.

Answered: 1 week ago

Question

3. Identify and describe nine cultural value orientations.

Answered: 1 week ago