Problem 17-7A The following are the financial statements of Nosker Company 17 &18 17-7A cise 161 18-2A NOSKER COMPANY Comparative Balance Sheets December 31 ore sults by Study 2017 $34,050 $19,350 32,050 20,000 26,800 59,550 (29,750) (24,000) Assets 2016 Cash Accounts receivable Inventory Equipment Accumulated depreciation-equipment 20,100 77,250 Total $122,700$112,700 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings $29,000 16,150 8,150 27,40032,900 14,650 40,850 $122,700 $112,700 7,000 17,250 42,050 Total NOSKER COMPANY Income Statement For the Year Ended December 31, 2017 For the Year Ended 31, 2017 $242,350 176,600 65,750 24,150 41,600 3,500 38,100 8,800 $29,300 tudyCost of goods sold Gross profit Operating expenses Income from operations Interest expense Income before income taxes Income tax expense Net income Additional data 1. Dividends declared and paid were $28,100 2. During the year equipment was sold for $8,350 cash. This equipment cost $17,700 originally and had accumulated depreciation of $9,350 at the time of sale. 3. All depreciation expense, $15,100, is in the operating expenses. 4. All sales and purchases are on account. Ch 17 & 18 em 17-7 NOSKER COMPANY Statement of Cash Flows em 18-2A Score ve Adjustments to reconcile net income to SOURCES 18 161 Compute free cash flow. Free Cash Flow