Problem 13-BA (Part Level Submission) Presented below are the financial statements of Nosker Company NOSKER COMPANY Comparative Balance Sheets December 31 Assets 2015 Cash $35,960 Accounts receivable 32,990 Inventory 26,570 Equipment 59,620 Accumulated depreciation equipment (29,480) Total $125,660 2014 $20,100 18,690 20,940 77,460 (23.870) $113,320 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $28,930 7,400 27,640 17,170 44,520 $125,660 $ 16,030 8,190 32,150 14,130 42,820 $113,320 NOSKER COMPANY Income Statement For the Year Ended December 31, 2015 Sales revenue Cost of goods sold Gross profit Operating expenses Income from operations Interest expense Income before income taxes Income tax expense Net Income $242,300 175,500 66,800 24,820 41,980 3,610 38,370 3.600 529 770 Additional data: 1. Dividends declared and paid were $28,070. 2. During the year equipment was sold for $8,290 cash. This equipment cost $17,840 originally and had a book value of $8,290 at the time of sale. 3. All depreciation expense, $15,160, is in the operating expenses. 4. All sales and purchases are on account. Further analysis reveals the following 1. Accounts payable pertanto merchandise suppliers 2. All operating expenses except for depreciation were paid in cash siga e.g. - (a) Prepare a statement of cash flows for Nosker Company using the direct method. (Show amounts that decrease cash flow with either a Nosker Company Statement of Cash Flows For the Year Ended December 31, 2015 1. Accounts payable pertain to merchandise suppliers. 2. All operating expenses except for depreciation were paid in cash. Prepare a statement of cash flows for Nosker Company using the direct method. (Show amounts that decrease cash flow Nosker Company Statement of Cash Flows For the Year Ended December 31, 2015 Less cash payments