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The following are the financial statements of Nosker Company. NOSKER COMPANY Comparative Balance Sheets December 31 Assets 2020 2019 Cash $34.550 $19.200 Accounts receivable 32.450
The following are the financial statements of Nosker Company. NOSKER COMPANY Comparative Balance Sheets December 31 Assets 2020 2019 Cash $34.550 $19.200 Accounts receivable 32.450 19,050 Inventory 26.950 20.200 Equipment 59,000 78.000 (29.150) (23.450) Accumulated depreciation-equipment Total $123.800 $113,000 $28.550 $16.450 7.500 8,300 Llabilitles and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings 27,800 32,400 18.250 13,800 41.700 42,050 Total $123.800 $113,000 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 $19.000originally and had a book value of $8,050 at the time of sale. All depreciation expense, $16.650. is in the operating expenses. 3. All sales and purchases are on account. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - signeg. -15,000 or in parenthesis e.s. (15,000).) NOSKER COMPANY Statement of Cash Flows $ Adjustments to reconcile net income to
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