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The following are the financial statements of Nosker Company. Assets Cash Accounts receivable Inventory Equipment NOSKER COMPANY Comparative Balance Sheets December 31 Accumulated depreciation-equipment
The following are the financial statements of Nosker Company. Assets Cash Accounts receivable Inventory Equipment NOSKER COMPANY Comparative Balance Sheets December 31 Accumulated depreciation-equipment Total Liabilities and Stockholders' Equity Accounts payable Income taxas payable Bonds payable Common stock Retained earnings Total NOSKER COMPANY Income Statement 2020 2019 $34,800 $20,050 32,350 18,900 26,350 20,600 59,500 77,300 (29,800) (23,800) $123,200 $113,050 $28,800 $16,450 7,400 8,400 26,300 33,850 17,100 13,950 43,600 40,400 $123,200 $113,050 For the Year Ended December 31, 2020 Sales revenue $241,750 Cost of goods sold 175,400 Gross profit 66,350 Operating expenses 23,750 Income from operations 42,600 Interest expense 2,100 Income before income taxes 40,500 Income tax expense 7,200 Net income $33,300 Additional data: 1. Dividends declared and paid were $30,100. 2. During the year, equipment was sold for $8,350 cash. This equipment cost $17,800 originally and had a book value of $8,350 at the time of sale 3. All depreciation expense, $15,450, is in the operating expenses. 4. All sales and purchases are on account.
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