Problem 17-08A (Part Level Submission)

The following are the financial statements of Nosker Company.

NOSKER COMPANY Comparative Balance Sheets December 31
Assets		2020			2019
Cash		$36,800			$20,800
Accounts receivable		32,100			18,900
Inventory		29,600			20,500
Equipment		59,500			77,600
Accumulated depreciationequipment		(29,900	)		(23,600	)
Total		$128,100			$114,200
Liabilities and Stockholders Equity
Accounts payable		$28,500			$ 16,100
Income taxes payable		7,000			8,300
Bonds payable		27,300			32,300
Common stock		17,100			13,900
Retained earnings		48,200			43,600
Total		$128,100			$114,200

NOSKER COMPANY Income Statement For the Year Ended December 31, 2020
Sales revenue		$241,300
Cost of goods sold		175,300
Gross profit		66,000
Operating expenses		23,800
Income from operations		42,200
Interest expense		4,000
Income before income taxes		38,200
Income tax expense		8,900
Net income		$29,300

Additional data:

1.		Dividends declared and paid were $24,700.
2.		During the year, equipment was sold for $9,200 cash. This equipment cost $18,100 originally and had a book value of $9,200 at the time of sale.
3.		All depreciation expense, $15,200, 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.		All operating expenses except for depreciation were paid in cash.

(a) Prepare a statement of cash flows for Nosker Company using the direct method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)