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The following are the financial statements of Nosker Company. 2019 NOSKER COMPANY Comparative Balance Sheets December 31 Assets 2020 Cash $36,800 Accounts receivable 32,100 Inventory
The following are the financial statements of Nosker Company. 2019 NOSKER COMPANY Comparative Balance Sheets December 31 Assets 2020 Cash $36,800 Accounts receivable 32,100 Inventory 29,600 Equipment 59,500 Accumulated depreciation equipment (29,900) Total $128,100 $20,800 18,900 20,500 77,600 (23,600) $114,200 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $28,500 7,000 27,300 17,100 48,200 $128,100 $ 16,100 8,300 32,300 13,900 43,600 $114,200 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 $241,300 175,300 66,000 23,800 42,200 4,000 38,200 8,900 $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. 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).) NOSKER COMPANY Statement of Cash Flows cash payments
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