PRINTER VERSION 4 BACK OURCES Problem 17-7A (Part Level Submission) The following are the financial statements of Nosker Company. art NOSKER COMPANY Comparative Balance Sheets December 31 art 1) Assets 2017 2016 $20,350 Part Cash Accounts receivable Inventory Equipment Accumulated depreciation-equipment Total $35,850 32,200 26,000 59,700 (29,000) $124,750 18,950 20,100 77,050 (23,100) $113,350 Study Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $28,650 7,300 26,400 18,350 44,050 $ 124,750 $ 16,250 8,250 33,250 14,900 40,700 $113,350 NOSKER COMPANY Income Statement For the Year Ended December 31, 2017 Sales revenue $242,750 1:08 AM PRINTER VERSION 4 BACK Retained earings NEX 44,050 $124,750 Total 40,700 $113,350 NOSKER COMPANY Income Statement For the Year Ended December 31, 2017 Sales revenue Cost of goods sold Gross profit Operating expenses Income from operations Interest expense Income before income taxes Income tax expense $242,750 175,850 66,900 23,600 43,300 3,500 39,800 7,050 $32,750 Net income Additional data: 1. Dividends declared and paid were $29,400. 2. During the year equipment was sold for $8,300 cash. This equipment cost $17,350 originally and had accumulated depreciation of $9,050 at the time of sale. 3. All depreciation expense, $14,950, is in the operating expenses. 4. All sales and purchases are on account. (a) Your correct Try again RCES PRINTER VERSION A BACK Your answer is partially correct. Try again. 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).) NOSKER COMPANY Statement of Cash Flows For the Year Ended December 31, 2017 Cash Flows from Operating Activities Net Income 32,750.00 Adjustments to reconcile net income to udy Net Cash Used by Operating Activities Depreciation Expense 14,950.00 Increase in Accounts Receivable v (950.00) Increase in Accounts Receivable (13,250.00 Increase in Inventory (5,900.00 Increase in Accounts Payable 12,400.00 1:08 AM PRINTER VERSION *BACK ESOURCES K Increase in Accounts Payable 12,400.00 7,250.00 Part on) x Cash Flows from Investing Activities 40,000.00 Part on (Part on Cash Flows from Investing Activities Sale of Equipment 8,300.00 y Study Cash Flows from Financing Activities Issuance of Common Stock 3,450.00 Redemption of Bonds (6,850.00) Payment of Dividends (29,400.00) Net Cash Used by Financing Activities (32,800.00) - Period: 5 days left Re OURCES PRINTER VERSION BACK Cash Flows from Financing Activities Issuance of Common Stock 3,450.00 art :) Redemption of Bonds (6,850.00) art Payment of Dividends (29,400.00) art Net Cash Used by Financing Activities (32,800.00 Study Net Increase in Cash 15,500.00 Cash at Beginning of Period 20,350.00 Cash at End of Period 35,850.00 Click if you would like to Show Work for this question: Open Show Work Attempts: 2 of 3 used SAVE FOR LATER SUBMIT ANE