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Please help. Problem 13-7A (Part Level Submission) Presented below are the financial statements of Nosker Company. NOSKER COMPANY Comparative Balance Sheets December 31 Assets 2015
Please help. Problem 13-7A (Part Level Submission) Presented below are the financial statements of Nosker Company. NOSKER COMPANY Comparative Balance Sheets December 31 Assets 2015 Cash $34,390 Accounts receivable 32,580 Inventory 26,570 Equipment 59,730 Accumulated depreciation-equipment (29,870) Total $123,400 2014 $19,470 18,200 20,950 77,000 (23,200) $112,420 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $28,030 7,250 27,340 18,720 42,060 $123,400 $ 16,800 8,190 33,670 13,910 39,850 $112,420 NOSKER COMPANY Income Statement For the Year Ended December 31, 2015 Sales revenue Cost of goods sold Gross profit Operating expenses $242,730 176,330 66,400 28.880 Income from operations Interest expense Income before income taxes Income tax expense Net income 42,520 2,400 40,120 8,140 $31,980 Additional data: 1. Dividends declared and paid were $29,770. 2. During the year equipment was sold for $8,460 cash. This equipment cost $17,270 originally and had a book value of $8,460 at the time of sale. 3. All depreciation expense, $15,480, 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.o. - 15,000 or in parenthesis e.g. (15,000).) NOSKER COMPANY Statement of Cash Flows For the Year Ended December 31, 2015
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