The following are the financial statements of Nosker Company.

NOSKER COMPANY

Comparative Balance Sheets

December 31

Assets

2020

2019

Cash

$37,300

$19,200

Accounts receivable

33,000

19,500

Inventory

29,100

20,100

Equipment

59,300

78,000

Accumulated depreciationequipment

(29,100

)

(24,000

)

Total

$129,600

$112,800

Liabilities and Stockholders' Equity

Accounts payable

$28,800

$ 16,100

Income taxes payable

7,000

8,000

Bonds payable

28,000

33,900

Common stock

18,500

13,700

Retained earnings

47,300

41,100

Total

$129,600

$112,800

NOSKER COMPANY

Income Statement

For the Year Ended December 31, 2020

Sales revenue

$241,600

Cost of goods sold

175,300

Gross profit

66,300

Operating expenses

24,200

Income from operations

42,100

Interest expense

2,700

Income before income taxes

39,400

Income tax expense

7,700

Net income

$31,700

Additional data:

1. Dividends declared and paid were $25,500.

2. During the year, equipment was sold for $8,900 cash. This equipment cost $18,700 originally and had a book value of $8,900 at the time of sale.

3. All depreciation expense, $14,900, 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.

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• Complete statement of cash flows for Nosker Company using the direct method