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The following are the financial statements of Nosker Company. NOSKER COMPANY Comparative Balance Sheets December 31 Assets 2020 Cash $36,100 Accounts receivable 32,500 Inventory 29,300
The following are the financial statements of Nosker Company. NOSKER COMPANY Comparative Balance Sheets December 31 Assets 2020 Cash $36,100 Accounts receivable 32,500 Inventory 29,300 Equipment 59,000 Accumulated depreciation-equipment (29,600) Total $127,300 2019 $20,600 19,500 20,000 77,300 (23,800) $113,600 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $28,300 7,200 26,200 18,400 47,200 $127,300 $ 16,600 8,400 33,400 13,000 42,200 $113,600 NOSKER COMPANY Income Statement For the Year Ended December 31, 2020 Sales revenue $242,800 Cost of goods sold 175,700 Gross profit 67,100 Operating expenses 23,500 Income from operations 43,600 Interest expense 2,200 Income before income taxes 41,400 Income tax expense 8,400 Net income $33,000 Additional data: 1. 2. Dividends declared and paid were $28,000. During the year, equipment was sold for $9,500 cash. This equipment cost $18,300 originally and had a book value of $9,500 at the time of sale. All depreciation expense, $14,600, is in the operating expenses. All sales and purchases are on account. 3. 4. Further analysis reveals the following. Accounts payable pertain to merchandise suppliers. All operating expenses except for depreciation were paid in cash. 1. 2. NOSKER COMPANY Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flows from Operating Activities Cash Receipts from Customers A Less cash payments: To Suppliers For Operating Expenses For Income Taxes For Interest Net Cash Provided by Operating Activities Cash Flows from Investing Activities Sale of Equipment Net Cash Provided by Investing Activities Cash Flows from Financing Activities Issuance of Common Stock Redemption of Bonds Cash Flows from Investing Activities Sale of Equipment Net Cash Provided by Investing Activities Cash Flows from Financing Activities Issuance of Common Stock Redemption of Bonds Payment of Dividends Net Cash Used by Financing Activities Net Increase in Cash Cash at Beginning of Period Cash at End of Period $
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