Problem 17-7A The following are the financial statements of Nosker Company NOSKER COMPANY Comparative Balance Sheets Assets Cash Accounts receivable Inventory Equipment Accumulated depreciation-equipment 2017 2016 $35,850 32,200 26,000 59,700 (29,000) (23,100) $20,350 18,950 20,100 77,050 Total $124,750 $113,350 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings $28,650 $16,250 8,250 33,250 14,900 40,700 $124,750 $113,350 7,300 26,400 18,350 44,050 Total NOSKER COMPANY For the Year Ended December 31, 2017 Sales revenue Cost of goods sold Gross profit Operating expenses Income from operations Interest expense $242,750 175,850 66,900 23,600 43,300 3,500