Question: Please help me my homework is due in 2 hours and I'm stuck Problem 13-7A (Part Level Submission) Presented below are the financial statements of


Please help me my homework is due in 2 hours and I'm stuck
Problem 13-7A (Part Level Submission) Presented below are the financial statements of Nosker Company. NOSKER COMPANY Comparative Balance Sheets December 31 Assets 2015 Cash $34,840 Accounts receivable 32,680 Inventory 26,950 Equipment 59,410 Accumulated depreciation-equipment (29,020) Total $124,860 2014 $20,610 18,300 20,830 77,720 (23,600) $113,860 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $28,700 7,140 26,880 17,530 44,610 $124,860 $ 16,510 8,380 33,820 13,580 41,570 $113,860 NOSKER COMPANY Income Statement For the Year Ended December 31, 2015 Sales revenue Cost of goods sold Gross profit Operating expenses Income from operations Interest expense Income before income taxes Income tax expense Net income $242,360 176,730 65,630 23,560 42,070 3,670 38,400 7,620 $30.780 Additional data: 1. Dividends declared and paid were $27,740. 2. During the year equipment was sold for $8,330 cash. This equipment cost $18,310 originally and had a book value of $8,330 at the time of sale. 3. All depreciation expense, $15,400, is in the operating expenses. 4. All sales and purchases are on account. N AHIRAN TAHRIR IHR PRAIA I NOSKER COMPANY Statement of Cash Flows For the Year Ended December 31, 2015 Adjustments to reconcile net income to LINK TO TEXT Problem 13-7A (Part Level Submission) Presented below are the financial statements of Nosker Company. NOSKER COMPANY Comparative Balance Sheets December 31 Assets 2015 Cash $34,840 Accounts receivable 32,680 Inventory 26,950 Equipment 59,410 Accumulated depreciation-equipment (29,020) Total $124,860 2014 $20,610 18,300 20,830 77,720 (23,600) $113,860 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $28,700 7,140 26,880 17,530 44,610 $124,860 $ 16,510 8,380 33,820 13,580 41,570 $113,860 NOSKER COMPANY Income Statement For the Year Ended December 31, 2015 Sales revenue Cost of goods sold Gross profit Operating expenses Income from operations Interest expense Income before income taxes Income tax expense Net income $242,360 176,730 65,630 23,560 42,070 3,670 38,400 7,620 $30.780 Additional data: 1. Dividends declared and paid were $27,740. 2. During the year equipment was sold for $8,330 cash. This equipment cost $18,310 originally and had a book value of $8,330 at the time of sale. 3. All depreciation expense, $15,400, is in the operating expenses. 4. All sales and purchases are on account. N AHIRAN TAHRIR IHR PRAIA I NOSKER COMPANY Statement of Cash Flows For the Year Ended December 31, 2015 Adjustments to reconcile net income to LINK TO TEXT
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