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Problem 17-07A (Video) The following are the financial statements of Nosker Company. NOSKER COMPANY Comparative Balance Sheets December 31 Assets 2019 Cash $34,350 $19,600 Accounts
Problem 17-07A (Video) The following are the financial statements of Nosker Company. NOSKER COMPANY Comparative Balance Sheets December 31 Assets 2019 Cash $34,350 $19,600 Accounts receivable 32,600 18,600 Inventory 26,350 20,750 Equipment 59,250 77,800 Accumulated depreciation equipment (29,700) (23,400) Total $122,850 $113,350 2020 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $28,150 7,050 27,700 17,200 42,750 $122,850 $ 16,850 8,350 33,950 13,850 40,350 $113,350 NOSKER COMPANY Income Statement For the Year Ended December 31, 2020 Sales revenue Cost of goods sold Gross profit Operating expenses Income from operations Interest expense Income before income taxes Income tax expense Net Income $241,900 175,950 65,950 24,000 41,950 3,300 38,650 8,450 $30,200 Additional data: 1. Dividends declared and paid were $27,800. 2. During the year, equipment was sold for $7,650 cash. This equipment cost $18,550 originally and had a book value of $7,650 at the time of sale. 3. All depreciation expense, $17,200, 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. (15,000).) NOSKER COMPANY Statement of Cash Flows Adjustments to reconcile net income to LINK TO TEXT LINK TO TEXT Compute free cash flow. (Enter negative amount using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Free Cash Flow Click if you would like to show Work for this question: een Show Work
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