NOSKER COMPANY Balance Sheets Assets Cash Accounts receivable Inventory Equipment Accumulated depreciation-equipment 2017 2016 $35,750 $20,950 19,700 20,650 78,000 (29,700 (23,750) $123,600 $115,550 32,050 26,500 59,000 Total Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings 550 $16,650 8,450 33,150 13,850 43,450 123,600 $115,550 7,400 26,500 17,150 44,000 Total NOSKER COMPANY Income Statement For the Year Ended 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 $241,800 176,900 64,900 23,850 41,050 3,050 38,000 7,450 $30,550 Additional data: 1. Dividends declared and paid were $30,000 2. During the year equipment was sold for $8,000 cash. This equipment cost $19,000 originally and had accumulated depreciation of $11,000 at the time of sale 3. All depreciation expense, $16,950, is in the operating expenses 4. All sales and purchases are on account