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The following are the financial statements of Nosker Company NOSKER COMPANY Comparative Balance Sheets December 31 Cash Accounts receivable Inventory Equipment Accumulated depreciation-equipment $ 34,000
The following are the financial statements of Nosker Company NOSKER COMPANY Comparative Balance Sheets December 31 Cash Accounts receivable Inventory Equipment Accumulated depreciation-equipment $ 34,000 $19,000 14,000 20,000 77,000 (29,000) (23,000) 107,000 32,000 26,000 59,000 Total Liabilities and Stockholders' Equit Accounts payable Income taxes payable Bonds payable Common stock Retained earnings $ 28,000 $16,000 8,000 32,000 13,000 38,000 07,000 7,000 26,000 17,000 44,000 Total NOSKER COMPANY Income Statement For the Year Ended December 31, 2017 Sales revenue Cost of goods sold Gross profit Operating expenses Income from operations Interest expense Income before income taxes Income tax expense Net income $241,000 66,000 43,000 41,000 Additional data: 1. Dividends declared and paid were $28,000 2. During the year equipment was sold for $7,500 cash. This equipment cost $18,000 originally and had accumulated depreciation of $10,500 at the time of sale 3. All depreciation expense, $16,500, is in the operating expenses 4. 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 - sign e.g. -15,000 or in parenthesis e.g. (15,00 NOSKER COMPANY Statement of Cash Flows Adjustments to reconcile net income to
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