Problem 17-08A The following are the financial statements of Nosker Company. 2019 NOSKER COMPANY Comparative Balance Sheets December 31 Assets 2020 Cash $37,900 Accounts receivable 32,000 Inventory 30,000 Equipment 59,600 Accumulated depreciation-equipment (30,000) Total $129,500 $19,000 18,300 20,900 77,700 (23,200) $112,700 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $28,000 7,300 26,000 18,700 49,500 $129,500 $ 16,900 8,400 33,800 13,800 39,800 $112,700 $241,700 176,500 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 65,200 24,500 40,700 3,800 36,900 7,600 $29,300 Additional data: 1. Dividends declared and paid were $19,600. 2. During the year, equipment was sold for $9,300 cash. This equipment cost $18,100 originally and had a book value of $9,300 at the time of sale. 3. All depreciation expense, $15,600, 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. Your answer is partially correct. Try again. Prepare a statement of cash flows for Nosker Company using the direct method. (Show an NOSKER COMPANY Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flows from Operating Activities nities Cash Receipts from Customers | Less cash payments: To Suppliers - For Operating Expenses For Income Taxes For Interest Net Cash Provided by Operating Activities 32100 Cash Flows from Investing Activities T Sale of Equipment 9300 Net Cash Provided by Investing Activities 9300 Cash Flows from Financing Activities | Payment of Dividends -19600 Redemption of Bonds T -7800 Issuance of Common Stock 4900 Net Cash Used by Financing Activities Net Increase in Cash 18900 Cash at Beginning of Period 19000 Cash at End of Period 37900