The following are the financial statements of Nosker Company. NOSKER COMPANY Comparative Balance Sheets December 31...
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The following are the financial statements of Nosker Company. NOSKER COMPANY Comparative Balance Sheets December 31 Assets Cashi Accounts receivable Inventory Equipment Accumulated depreciation-equipment Total Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total Sales revenue Cost of goods sold Gross profit Operating expenses Income from operations Interest expense Income before income taxes Income tax expense Net income Additional data: 2020 $34,550 2019 $19,200 32,450 19,050 26,950 20,200 59,000 78,000 (29,150) (23,450) $123,800 $113,000 NOSKER COMPANY Income Statement For the Year Ended December 31, 2020 $28,550 7,500 27,800 18,250 41,700 $123,800 $ 16,450 8,300 32,400 13,800 42,050 $113,000 $242,800 176,700 66,100 23,000 43,100 2,250 40,850 8,400 $32,450 1. Dividends declared and paid were $32,800. 2. During the year, equipment was sold for $8,050 cash. This equipment cost $19,000 originally and had a book value of $8,050 at the time of sale. 3. All depreciation expense, $16,650, is in the operating expenses. 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. (15,000).) NOSKER COMPANY Statement of Cash Flows Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to $ Compute free cash flow. (Enter negative amount using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Free Cash Flow $ Click if you would like to Show Work for this question: Open Show Work The following are the financial statements of Nosker Company. NOSKER COMPANY Comparative Balance Sheets December 31 Assets Cashi Accounts receivable Inventory Equipment Accumulated depreciation-equipment Total Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total Sales revenue Cost of goods sold Gross profit Operating expenses Income from operations Interest expense Income before income taxes Income tax expense Net income Additional data: 2020 $34,550 2019 $19,200 32,450 19,050 26,950 20,200 59,000 78,000 (29,150) (23,450) $123,800 $113,000 NOSKER COMPANY Income Statement For the Year Ended December 31, 2020 $28,550 7,500 27,800 18,250 41,700 $123,800 $ 16,450 8,300 32,400 13,800 42,050 $113,000 $242,800 176,700 66,100 23,000 43,100 2,250 40,850 8,400 $32,450 1. Dividends declared and paid were $32,800. 2. During the year, equipment was sold for $8,050 cash. This equipment cost $19,000 originally and had a book value of $8,050 at the time of sale. 3. All depreciation expense, $16,650, is in the operating expenses. 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. (15,000).) NOSKER COMPANY Statement of Cash Flows Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to $ Compute free cash flow. (Enter negative amount using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Free Cash Flow $ Click if you would like to Show Work for this question: Open Show Work
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Related Book For
Accounting Principles
ISBN: 978-1118342190
11th Edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
Posted Date:
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