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The following are the financial statements of Nosker Company NOSKER COMPANY Comparative Balance Sheets December 31 2020 Assets 2019 Cash $34.150 Accounts receivable 32.700 Inventory
The following are the financial statements of Nosker Company
NOSKER COMPANY Comparative Balance Sheets December 31 2020 Assets 2019 Cash $34.150 Accounts receivable 32.700 Inventory Equipment Accumulated depreciation equipment 26,650 59.500 (29.900 ) $19.250 19,300 21,000 77,200 (23.200) $113.550 Total $123.100 $28.350 $ 16.550 7.200 28.000 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total 8.200 32,250 14.050 42,500 17.950 41.600 $123.100 $113.550 Income Statement For the Year Ended December 31, 2020 Sales revenue $241,950 Cost of goods sold 175,000 Gross profit 66.950 Operating expenses 24.850 Income from operations 42.100 Interest expense 2.700 Income before income taxes 39.400 Income tax expense 8.800 Net income $30.600 Additional data: 2. Dividends declared and paid were $31.500. During the year, equipment was sold for $8.500 cash. This equipment cost $17.700 originally and had a book value of $8.500 at the time of sale. All depreciation expense, $15.900, 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 -signeg. -15,000 or in parenthesis eg. (15,000).) NOSKER COMPANY Statement of Cash Flows $ Adjustments to reconcile net income to > $ -A
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