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prepare a statement of cashflows The following are the financial statements of Nosker Company. NOSKER COMPANY Comparative Balance Sheets December 31 2019 Assets Cash Accounts
prepare a statement of cashflows
The following are the financial statements of Nosker Company. NOSKER COMPANY Comparative Balance Sheets December 31 2019 Assets Cash Accounts receivable Inventory Equipment Accumulated depreciation-equipment $20,500 32,500 18,800 20,100 59,700 77,800 (29,000) (23,600) $130,300 $113,600 2020 $36,400 30,700 Total Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings $28,900 17,000 8,300 34,000 14,400 39,900 $130,300 $113,600 7,500 26,900 19,000 48,000 Total NOSKER COMPANY Income Statement For the Year Ended 31, 2020 Cost of goods sold Gross profit Operating expenses Income from operations Interest expense $242,700 176,300 66,400 24,400 42,000 3,500 38,500 8,100 $30,400 Income before income taxes Income tax expense Net income Additional data 1. Dividends declared and paid were $22,300 2. During the year, equipment was sold for $9,500 cash. This equipment cost $18,100 originally and had a book value of $9,500 at the time of sale. 3. All depreciation expense, $14,000, 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. Al tion were paid in cash Step by Step Solution
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