NOSKER COMPANY Comparative Balance Sheets December 31 LiabilitiesandStockholdersEquity Accounts payable $28,2007,35027,40018,65042,500$16,7508,15033,90014,95042,200 Retained earnings Total NOSKER COMPANY Income Statement For the Year Ended December 31, 2020 Sales revenue $241,150 Cost of goods sold 175,100 Gross profit 66,050 Operating expenses 23,050 Income from operations 43,000 Interest expense 3,500 Income before income taxes 39,500 Income tax expense 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. NOSKER COMPANY Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flows from Operating Activities Net Income $32300 Adjustments to reconcile net income to Net Cash Used bv Investing Activities $16050 Increase in Inventory Increase in Accounts Payable Decrease in Income Taxes Payable Net Cash Provided by Operating Activities Cash Flows from Investing Activities Sale of Equipment Net Cash Used bv Operating Activities Cash Flows from Financing Activities Issuance of Common Stock Redemption of Bonds Payment of Dividends Net Cash Provided bv Operating Activities Payment of Dividends Net Cash Provided bv Oberating Activities Net Increase in Cash Cash at Beginning of Period Cash at End of Period