The following are the financial statements of Nosker Company.
NOSKER COMPANY |
||||||
Assets |
2020 |
2019 |
||||
Cash |
$34,000 |
$19,100 |
||||
Accounts receivable |
32,900 |
18,750 |
||||
Inventory |
26,350 |
20,400 |
||||
Equipment |
59,050 |
77,600 |
||||
Accumulated depreciation—equipment |
(30,000 |
) |
(23,150 |
) |
||
Total |
$122,300 |
$112,700 |
||||
Liabilities and Stockholders’ Equity |
||||||
Accounts payable |
$28,050 |
$ 16,400 |
||||
Income taxes payable |
7,050 |
8,100 |
||||
Bonds payable |
27,200 |
32,900 |
||||
Common stock |
18,900 |
13,150 |
||||
Retained earnings |
41,100 |
42,150 |
||||
Total |
$122,300 |
$112,700 |
NOSKER COMPANY |
||
Sales revenue |
$241,150 |
|
Cost of goods sold |
176,000 |
|
Gross profit |
65,150 |
|
Operating expenses |
24,300 |
|
Income from operations |
40,850 |
|
Interest expense |
3,600 |
|
Income before income taxes |
37,250 |
|
Income tax expense |
8,300 |
|
Net income |
$28,950 |
Additional data:
1. | Dividends declared and paid were $30,000. | |
2. | During the year, equipment was sold for $8,300 cash. This equipment cost $18,550 originally and had a book value of $8,300 at the time of sale. | |
3. | All depreciation expense, $17,100, is in the operating expenses. | |
4. | All sales and purchases are on account. |
a) Prepare a statement of cash flows using the indirect method:
Cash flow from operating activities | ||
Net income | 28950 | |
Adjustment to reconcile net income to net cash flow from operating activities | ||
Depreciation expense | 17100 | |
Increase account receivable | -14150 | |
Increase inventory | -5950 | |
Increase account payable | 11650 | |
Decrease income tax payable | -1050 | |
7600 | ||
Net cash flow from operating activities | 36550 | |
Cash flow from investing activities | ||
Sale of equipment | 8300 | |
Net cash flow from investing activities | 8300 | |
Cash flow from financing activities | ||
Bonds repaid | -5700 | |
Dividend paid | -30000 | |
Issue common Stock | 5750 | |
Net cash flow from financing activities | -29950 | |
Net cash flow | 14900 | |
Beginning Cash | 19100 | |
Ending cash | 34000 | |
The following are the financial statements of Nosker Company. NOSKER COMPANY Comparative Balance Sheets December 31...
URCES The following are the financial statements of Nosker Company. ed NOSKER COMPANY Comparative Balance Sheets December 31 Video) Assets (Video) aission) 2020 2019 Cash $34,350 32,600 $19,600 Accounts receivable 18,600 Study Inventory 26,350 20,750 Equipment 59,250 77,800 Accumulated depreciation-equipment (29,700) $122,850 (23,400) $113,350 Total Liabilities and Stockholders' Equity Accounts payable Income taxes payable $28,150 $ 16,850 7,050 8,350 Bonds payable 27,700 33,950 17,200 13,850 Common stock 42,750 40,350 Retained earnings $113,350 $122,850 Total NOSKER COMPANY Income Statement For the...
The following are the financial statements of Nosker Company NOSKER COMPANY Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Equipment Accumulated depreciation-equipment Total 2020 $38,000 32,300 30,800 59,300 (29,700) $130,700 2019 $19,500 19,500 20,900 77,200 (23,900) $113,200 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $28,400 7,100 27,100 18,600 49,500 $130,700 $ 16,300 8,300 33,500 15,000 40,100 $113,200 $241,000 NOSKER COMPANY Income Statement For the Year Ended December 31, 2020...
Presented below are the financial statements of Nosker Company. NOSKER COMPANY Comparative Balance Sheets December 31 Assets 2015 2014 Cash $34,870 $19,900 Accounts receivable 32,110 18,370 Inventory 26,790 20,940 Equipment 59,950 77,630 Accumulated depreciation—equipment (29,190 ) (23,720 ) Total $124,530 $113,120 Liabilities and Stockholders’ Equity Accounts payable $28,400 $ 16,830 Income taxes payable 7,290 8,090 Bonds payable 26,030 33,870 Common stock 18,800 14,480 Retained earnings 44,010 39,850 Total $124,530 $113,120 NOSKER COMPANY Income Statement For the Year Ended December 31,...
*Problem 17-07A (Video) The following are the financial statements of Nosker Company. NOSKER COMPANY Comparative Balance Sheets December 31 Assets 2020 Cash $35,550 Accounts receivable 32,300 Inventory 26,000 Equipment 59,500 Accumulated depreciation-equipment (29,250) Total $124,100 2019 $20,750 19,250 20,100 77,200 (23,600) $113,700 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $28,700 7,050 27,700 17,750 42,900 $ 124,100 $ 16,050 8,350 32,300 14,150 42,850 $113,700 NOSKER COMPANY Income Statement For the Year Ended...
Assignment Gradebook ORION Downloadable eTextbook nt NOSKER COMPANY Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Equipment Accumulated depreciation-equipment 2017 2016 $35,250 $20,150 19,700 20,700 77,900 (29,200) (23,750) $123,350 $114,700 32,050 26,200 59,050 Total Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings $28,650 16,700 8,100 26,600 32,050 14,250 43,600 $123,350 $114,700 7,450 18,550 42,100 Total NOSKER COMPANY Income Statement For the Year Ended December 31, 2017 $241,750 175,450 Sales revenue Cost...
Problem 13-8A Presented below are the financial statements of Nosker Company. NOSKER COMPANY Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Equipment Accumulated depreciation-equipment 2015 $38,000 30,000 27,000 60,000 (29,000) 2014 $20,000 14,000 20,000 78,000 (24,000) Total $126,000 $108,000 Liabilities and Stockholders' Equit Accounts payable Income taxes payable Bonds payable Common stock Retained earnings $24,000 7,000 27,000 18,000 50,000 $126,000 $ 15,000 8,000 33,000 14,000 38,000 $108,000 Total NOSKER COMPANY ncome Statement For the Year Ended December 31,...
P17.7A (LO 2, 3) Financial Statement The following are the financial statements of Nosker Company. Nosker Company Comparative Balance Sheets December 31 Assets 2020 Cash $ 38,000 Accounts receivable 30,000 Inventory 27,000 Equipment 60.000 Accumulated depreciation equipment (29,000) Total $126,000 Liabilities and Stockholders' Equity Accounts payable $ 24,000 Income taxes payable 7,000 Bonds payable 27,000 Common stock 18,000 Retained earnings 50,000 Total $126.000 2019 $ 20,000 14.000 20,000 78,000 (24.000) $108,000 $ 15,000 8,000 33.000 14.000 38.000 $108,000 Nosker Company...
please answer asap, thank you! The following are the financial statements of Nosker Company. NOSKER COMPANY Comparative Balance Sheets December 31 Assets 2020 2019 Cash $34.150 Accounts receivable $19,250 19,300 32,700 Inventory Equipment Accumulated depreciation-equipment 26,650 59,500 (29,900) $123,100 21,000 77,200 (23,200) $113,550 Total Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings $28,350 $ 16,550 7.2008,200 28.000 32,250 17.950 14,050 41.600 42.500 $123,100 $113,550 Total Retained earnings 41,600 42,500 Total $123,100 $113,550 NOSKER...
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 $34,440 Accounts receivable 32,740 Inventory 26,900 Equipment 59,520 Accumulated depreciation-equipment (29,940 ) Total $123,660 2014 $19,420 18,620 20,940 77,380 (23,580 ) $112,780 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $28,190 7,430 27,000 17,080 43,960 $123,660 $ 16,030 8,450 33,520 13,150 41,630 $112,780 NOSKER COMPANY Income Statement For...
NOSKER COMPANY Comparative Balance Sheet December 31 2017 2016 Assets Cash $38,000 $20,000 Accounts Receivable 30,000 14,000 Inventory 27,000 20,000 78,000 Equipment Accumulated depreciation-equipment 60,000 (29,000) $126,000 (24,000) $108,000 Total Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable $24,000 $15,000 7,000 8,000 27,000 33,000 Common stock 18,000 14,000 38,000 $108,000 Retained earnings 50,000 Total $126,000 NOSKER COMPANY Income Statement For the Year ended December 31, 2017 Sales revenue $242,000 Cost of goods sold Gross profit 175,000 67,000...