Problem 17-7a – nosker company – statement of cash flows

Problem 17-7A (Part Level Submission)

The following are the financial statements of Nosker Company.

NOSKER COMPANY Comparative Balance Sheets December 31
Assets	2017		2016
Cash	$36,900		$20,000
Accounts receivable	32,700		18,300
Inventory	29,100		20,000
Equipment	59,600		78,000
Accumulated depreciation—equipment	(29,700	)	(23,000	)
Total	$128,600		$113,300

Liabilities and Stockholders’ Equity
Accounts payable	$28,400		$ 16,700
Income taxes payable	7,200		8,200
Bonds payable	26,200		32,700
Common stock	17,200		13,900
Retained earnings	49,600		41,800
Total	$128,600		$113,300

NOSKER COMPANY Income Statement For the Year Ended December 31, 2017
Sales revenue		$241,500
Cost of goods sold		176,500
Gross profit		65,000
Operating expenses		23,400
Income from operations		41,600
Interest expense		3,400
Income before income taxes		38,200
Income tax expense		7,000
Net income		$31,200

Additional data:

1.		Dividends declared and paid were $23,400.
2.		During the year equipment was sold for $9,800 cash. This equipment cost $18,400 originally and had a book value of $9,800 at the time of sale.
3.		All depreciation expense, $15,300, is in the operating expenses.
4.		All sales and purchases are on account.

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