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 2020 Cash $34,050 Accounts receivable 32,050 Inventory 26,800 Equipment 59,550 Accumulated depreciation-equipment (29,750 ) Total Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $122,700 $29,000 7,000 27,400 17,250 42,050 $122,700 2019 $19,350 20,000 20,100 77,250 (24,000) $112,700 $16,150 8,150 32,900 14,650 40,850 $112,700 Question 1 of 1 -/1 NOSKER COMPANY Income Statement For the Year Ended December 31, 2020 Sales revenue $242,350 Cost of goods sold 176,600 Gross profit 65,750 Operating expenses 24.150 Income from operations 41,600 Interest expense 3,500 Income before income taxes 38,100 Income tax expense 8,800 Net income $29,300 Additional data: 1. Dividends declared and paid were $28,100. 2. During the year, equipment was sold for $8,350 cash. This equipment cost $17,700 originally and had a book value of $8,350 at the time of sale. 3. All depreciation expense, $15,100, is in the operating expenses. 4. All sales and purchases are on account. Question 1 of 1 <> Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with eithe e.g. -15,000 or in parenthesis e.g. (15,000).) NOSKER COMPANY Statement of Cash Flows Adjustments to reconcile net income to LA estion 1 of 1 4P O 42 The following are the financial statements of Nosker Company. NOSKER COMPANY Comparative Balance Sheets December 31 Assets 2020 Cash $34,050 Accounts receivable 32,050 Inventory 26,800 Equipment 59,550 Accumulated depreciation-equipment (29,750 ) Total Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $122,700 $29,000 7,000 27,400 17,250 42,050 $122,700 2019 $19,350 20,000 20,100 77,250 (24,000) $112,700 $16,150 8,150 32,900 14,650 40,850 $112,700 Question 1 of 1 -/1 NOSKER COMPANY Income Statement For the Year Ended December 31, 2020 Sales revenue $242,350 Cost of goods sold 176,600 Gross profit 65,750 Operating expenses 24.150 Income from operations 41,600 Interest expense 3,500 Income before income taxes 38,100 Income tax expense 8,800 Net income $29,300 Additional data: 1. Dividends declared and paid were $28,100. 2. During the year, equipment was sold for $8,350 cash. This equipment cost $17,700 originally and had a book value of $8,350 at the time of sale. 3. All depreciation expense, $15,100, is in the operating expenses. 4. All sales and purchases are on account. Question 1 of 1 <> Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with eithe e.g. -15,000 or in parenthesis e.g. (15,000).) NOSKER COMPANY Statement of Cash Flows Adjustments to reconcile net income to LA estion 1 of 1 4P O 42
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Statement of Cash Flows For the Year Ended December 31 2017 Cash flows from operating act... View the full answer
Related Book For
Accounting Principles
ISBN: 978-1119411482
13th edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Posted Date:
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