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Please help. Problem 13-8A (Part Level Submission) Presented below are the financial statements of Nosker Company. NOSKER COMPANY Comparative Balance Sheets December 31 Assets 2015
Please help. Problem 13-8A (Part Level Submission) Presented below are the financial statements of Nosker Company. NOSKER COMPANY Comparative Balance Sheets December 31 Assets 2015 Cash $34,080 Accounts receivable 32,550 Inventory 26,490 Equipment 59,910 Accumulated depreciation--equipment (29,120) Total $123,910 2014 $19,170 18,530 20,610 77,950 (23,590 ) $112,670 y. Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $28,160 7,300 27,620 18,460 42,370 $123,910 $ 16,080 8,180 33,800 14,540 40,070 $112,670 NOSKER COMPANY Income Statement For the Year Ended December 31, 2015 Sales revenue Cost of goods sold Gross profit Onerating synenses $242,490 176,750 65,740 23,090 Income from operations Interest expense Income before income taxes Income tax expense Net income 42,650 2,840 39,810 7,750 $32,060 Additional data: 1. Dividends dedared and paid were $29,760. 2. During the year equipment was sold for $8,190 cash. This equipment cost $18,040 originally and had a book value of $8,190 at the time of sale. 3. All depreciation expense, $15,380, is in the operating expenses. 4. All sales and purchases are on account. Further analysis reveals the following. 1. Accounts payable pertain to merchandise suppliers. 2. All operating expenses except for depreciation were paid in cash. Prepare a statement of cash flows for Nosker Company using the direct method. (Show amounts that decrease cash flow with either a - signe. 1500)
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