https//edugen.wileyplus.com/edugen/shared/assignment/test/aprintuni The followin

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https//edugen.wileyplus.com/edugen/shared/assignment/test/aprintuni The following are the financial statements of Nosker Company NOSKER COMPANY Comparative Balance Sheets December 31 2017 2016 s 34,600 $ 19,900 19,050 20,150 77,500 (29,450) (23,250 $123,000 $113,350 Cash 32,450 26,400 59,000 receivable Inventory Equipment Accumulated depreciation-equipment Total Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings $ 28,500 $ 16,050 8,300 33,150 14,050 42,65041,800 $123,000 $113,350 7,250 27,200 17,400 Total PANY NOSKER Income Statement For the Year Ended December 31, 2017 $241,750 Sales revenue Cost of goods sold Gross profit Operating expenses Income from operations Interest expense Income before income taxes 64,800 24,200 40,600 2,250 38,350 8,600 s 29,750 Net income Additional data

Explanation / Answer

Sales Value 7950 NOSKER COMPANY Statement of Cash Flows Cost 18500 for the year ended Dec 31,2017 Less: AD 10550 Cash Flow from Operating Activities Book Value 7950 Net Income 29750 Gain On Sales 0 Adjustment to reconcile net income to Add: Depreciation 16750 Equipment Account Less: Increase in Accounts Receivables -13400 To Bal BD 77500 By Sales 18500 Less: Increase in Inventory -6250 Add: Increase in Account Payable 12450 By Bal Cd 59000 Add: Interest Expense 2250 Total 77500 Total 77500 Add: Provision for Income Tax 8600 Less: Income Tax Paid -9650 Accum. Depr Account 10750 To Asset Sold 10550 By Bal Bd 23250 By Depreciation 16750 Net Cash Flow from Operating Expense 40500 To Bal Cd 29450 Cash Flow from Investing Activities Total 40000 Total 40000 Sales of Equipment 7950 Income Tax Payable Cash Flow from Investing Activities 7950 To Tax Paid 9650 By Bal Bd 8300 By Provision 8600 Cash Flow from Financing Activities Redemption of Bonds Payable -5950 To Bal Cd 7250 Issue of Common Stock 3350 Total 16900 Total 16900 Payments of Dividend -28900 Purchase of Interest -2250 Cash Flow from Financing Activities -33750 Net Increase(Decrease) in Cash 14700 Opening Cash Balance 19900 Closing Cash Balance 34600 0

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