The following are the financial statements of Nosker Company NOSKER COMPANY Comparative Balance She December 31 Assets 20: Cash $34,5 Accounts receivable 32,4 nventory 26,9 Equipment 59,0 Accumulated depreciation-equipment (29,1 Total $123,8 .iabilities and Stockholders' Equity Accounts payable ncome taxes payable Bonds payable Common stock Retained earnings Total $28,5 7,5 27,8 18,2 41.7 $123,8 NOSKER COMPANY Income Statement For the Year Ended December 31, 2020 Sales revenue $242,800 Cost of goods sold 176,700 Gross profit 66,100 Operating eynenses 23.000 NOSKER COMPANY Comparative Balance Sheets December 31 Assets 2020 Cash $34,550 Accounts receivable 32.450 Inventory 26,950 Equipment 59,000 Accumulated depreciation-equipment (29,150) Total $123,800 2019 $19.200 19,050 20,200 78,000 (23,450) $113,000 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings $28,550 7,500 27,800 18,250 41,700 $123,800 $ 16,450 8,300 32,400 13,800 42,050 $113,000 Total NOSKER COMPANY Income Statement For the Year Ended December 31, 2020 Sales revenue $242,800 Cost of goods sold 176,700 Gross profit 66,100 Operating expenses 23,000 Income from operations 43,100 Interest expense 2,250 Income before income taxes 40,850 Income tax expense 8,400 Net income $32,450 Additional data: 1 2 Dividends declared and paid were $32,800. During the year, equipment was sold for $8,050 cash. This equipment cost $19,000 originally and had a book value of $8,050 at the time of sale. All depreciation expense, $16,650, is in the operating expenses. All sales and purchases are on account 3. 4. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-signes. -15,000 or in parenthesis e.g. (15,000).) NOSKER COMPANY Statement of Cash Flows Adjustments to reconcile net income to $ C >