NOSKER COMPANY Comparative Balance Sheets December 31 Assets 2020 Cash $35,500 Accounts receivable 32,500 Inventory 26,150 Equipment 59,600 Accumulated depreciation-equipment (29,650) Total $124,100 2019 $20,800 19,800 20,850 77,650 (23,150) $115,950 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings $28,200 7,350 27,400 18,650 42,500 $124,100 $ 16,750 8,150 33,900 14,950 42,200 $115,950 Total 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 $241,150 175,100 66,050 23,050 43,000 3,500 39,500 7,200 $32,300 Additional data: 1. Dividends declared and paid were $32,000. 2. During the year, equipment was sold for $8,500 cash. This equipment cost $18,050 originally and had a book value of $8,500 at the time of sale. 3. All depreciation expense, $16,050, is in the operating expenses. 4. All sales and purchases are on account. DE BIBI ManPaparan SunP MAIS 'nnunaill all fien C1 HB IN NOSKER COMPANY Statement of Cash Flows Adjustments to reconcile net income to