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Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in
Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
Compute free cash flow. (Enter negative amount using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
The following are the financial statements of Nosker Company. NOSKER COMPANY Comparative Balance Sheets December 31 Assets 2020 Cash $34,150 Accounts receivable 32,700 Inventory 26,650 Equipment 59,500 Accumulated depreciation-equipment (29,900) Total $123,100 2019 $19,250 19,300 21,000 77,200 (23,200) $113,550 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $28,350 7,200 28,000 17,950 41,600 $123,100 $ 16,550 8,200 32,250 14,050 42,500 $113,550 NOSKER COMPANY Income Statement For the Year Ended December 31, 2020 Sales revenue Cost of goods sold Gross profit $241,950 175,000 66.950 Operating expenses Income from operations Interest expense Income before income taxes Income tax expense Net income 24,850 42,100 2,700 39,400 8,800 $30,600 Additional data: 1. Dividends declared and paid were $31,500. 2. During the year, equipment was sold for $8,500 cash. This equipment cost $17,700 originally and had a book value of $8,500 at the time of sale. 3. All depreciation expense, $15,900, is in the operating expenses. 4. All sales and purchases are on accountStep by Step Solution
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