Practice Problem 1 (Part Level Submission) The following are the nancial statements of Nosker Company. NOSKER COMPANY Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Equipment Accumulated depreciationequipment Total Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total 2017 $34,150 32,700 26,650 59,500 (29,900) $123,100 $28,350 7,200 28,000 17,950 41,600 $123,100 2016 $19,250 19,300 21,000 77,200 (23,200) $113,550 $ 16,550 8,200 32,250 14,050 42,500 $113,550 NOSKER COMPANY Income Statement For the Year Ended December 31, 2017 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