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The following are the financial statements of Nosker Company: ?Additional Data: 1. Dividends declared and paid were $22,600. 2. During the year equipment was sold
The following are the financial statements of Nosker Company:
?Additional Data:
1. Dividends declared and paid were $22,600.
2. During the year equipment was sold for $9,600 cash. The equipment cost $17,700 originally and had a book value of $8,100 at the time of sale.
3. All depreciation expense, $14,000, is in the opertaing expenses.
4. All sales and purchases are on account.
Prepare a statement of cash flows using the indirect method.?
NOSKER COMPANY Comparative Balance Sheets December 31 2017 2016 Assets Cash 37,700 20,000 18,300 Accounts receivable 32,300 20,200 30,200 Inventory Equipment 59,700 77,400 (29,400) (23,500) Accumulated depreciation equipment $130,500 $112,400 Tota Liabilities and Stockholders' Eguit Accounts payable 28,100 16,900 8,400 Income taxes payable 7,500 Bonds payable 32,400 26,900 Common stock 17,600 14,000 50,400 40,700 Retained earnings $130,500 $112,400 Tota NOSKER COMPANY Income Statement For the Year Ended December 31, 2017 $242,600 Sales revenue 175,300 Cost of goods sold 67,300 Gross profit 24.900 Operating expenses Income from operations 42,400 3,100 Interest expense Income before income taxes 39,300 7,000 Income tax expense 32,300 Net income
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