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Prepare a statement of cash flows for Nosker Company using the direct method NOSKER COMPANY Comparative Balance Sheets Assets Cash Accounts receivable Inventory Equipment Accumulated
Prepare a statement of cash flows for Nosker Company using the direct method
NOSKER COMPANY Comparative Balance Sheets Assets Cash Accounts receivable Inventory Equipment Accumulated depreciation (29,800) (23,000) 2020 2019 $37,300 $19,100 32,700 18,200 29,600 21,000 59,300 77,700 -equipment Total $129,100 $113,000 Liabilities and Stockholders' Equit Accounts payable Income taxes payable Bonds payable Common stock Retained earnings $28,300 $16,200 8,500 26,900 32,400 19,000 13,300 42,600 $129,100 $113,000 7,000 47,900 Total NOSKER COMPANY For the Year Ended 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 $242,700 176,600 66,100 23,600 42,500 2,300 40,200 8,800 31,400 Additional data 1. Dividends declared and paid were $26,100 2. During the year, equipment was sold for $9,500 cash. This equipment cost $18,400 originally and had a book value of $9,500 at the time of sale 3. All depreciation expense, $15,700, 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 cashStep by Step Solution
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