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Problem 13-7A (Part Level Submission) Presented below are the financial statements of Nosker Company. NOSKER COMPANY Comparative Balance Sheets December 31 2014 519,580 18,880 20,140
Problem 13-7A (Part Level Submission) Presented below are the financial statements of Nosker Company. NOSKER COMPANY Comparative Balance Sheets December 31 2014 519,580 18,880 20,140 77,140 2015 534,030 32,590 26,870 59,270 ts Cash Accounts recelvable Inventory Equipment Accumulated depreciation-equipment (29,570) (23,100) $123,190 $112,640 Total Liabilities and Stockholders' Equ Accounts payable Income taxes payable Bonds payable Common stock Retained earnings 5 16,200 8,430 33,300 14,010 40,700 $112,640 528,970 7,210 26,340 17,120 43,550 $123,190 Total NOSKER COMPANY Income Statement For the Year Ended December 31, 2015 Sales revenue 5242,720 175,450 67,270 24,090 43,180 3,B40 39,340 7,150 32,190 Cost of goods sold Gross profit Operating expenses Income from operatons Interest expense Income before income taxes Income tax expense Net income Additional data: 1. Dividends declared and paid were $29,340 2. During the year equipment was sold for $B,000 cash. This equipment cost $17,870 originally and had a book value of $8,000 at the time of sale. 3. All depreciation expense, $16,340, is in the operating expenses. 4. All sales and purchases are on accournt. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a slgn e.g. -15,000 or In parenthesis e.g. (15,o00).) NOSKER COMPANT Statement of Cash Flows For the Year Ended December 31, 2015 1. DVIdends declared and paid were 529,340. 2. During the year equipment was sold for 8,000 cash. This equipment cost $17,870 originally and had a book value of $8,000 at the time or sale. 3. All depreciation expense, $16,340, is in the operating expenses. 4. All sales and purchases are on account. 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,o00).) NOSKER COMPANT Statement of Cash Flows For the Year Ended December 31, 2015 Adjustments to reconcile net income to
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