FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Using the information below I am looking for assistance to filling in the blanks in the attached photos.  The following are the financial statements of Nosker Company.

NOSKER COMPANY
Comparative Balance Sheets
December 31
Assets
 
2020
 
2019
Cash  
$35,500
   
$20,800
 
Accounts receivable  
32,500
   
19,800
 
Inventory  
26,150
   
20,850
 
Equipment  
59,600
   
77,650
 
Accumulated depreciation—equipment  
(29,650
)
 
(23,150
)
   Total  
$124,100
   
$115,950
 
             
Liabilities and Stockholders’ Equity
           
Accounts payable  
$28,200
   
$ 16,750
 
Income taxes payable  
7,350
   
8,150
 
Bonds payable  
27,400
   
33,900
 
Common stock  
18,650
   
14,950
 
Retained earnings  
42,500
   
42,200
 
   Total  
$124,100
   
$115,950
 

 

NOSKER COMPANY
Income Statement
For the Year Ended December 31, 2020
Sales revenue  
$241,150
Cost of goods sold  
175,100
Gross profit  
66,050
Operating expenses  
23,050
Income from operations  
43,000
Interest expense  
3,500
Income before income taxes  
39,500
Income tax expense  
7,200
Net income  
$32,300


Additional data:

1.   Dividends declared and paid were $32,000.
2.   During the year, equipment was sold for $8,500 cash. This equipment cost $18,050 originally and had a book value of $8,500 at the time of sale.
3.   All depreciation expense, $16,050, is in the operating expenses.
4.   All sales and purchases are on account.
Cash Flows from Financing Activities
Issuance of Common Stock
Redemption of Bonds
Payment of Dividends
Net Cash Provided by Financing Activities
Net Increase in Cash
Cash at Beginning of Period
Cash at End of Period
$4
LINK TO TEXT
LINK TO TEXT
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
$
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Transcribed Image Text:Cash Flows from Financing Activities Issuance of Common Stock Redemption of Bonds Payment of Dividends Net Cash Provided by Financing Activities Net Increase in Cash Cash at Beginning of Period Cash at End of Period $4 LINK TO TEXT LINK TO TEXT 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 $
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
For the Year Ended December 31, 2020
Cash Flows from Operating Activities
Net Income
$
Adjustments to reconcile net income to
Net Cash Used by Operating Activities
Depreciation Expense
Increase in Accounts Receivable
Increase in Inventory
Increase in Accounts Payable
Increase in Income Taxes Payable
Net Cash Provided by Operating Activities
Cash Flows from Investing Activities
Sale of Equipment
Net Cash Provided by Investing Activities
Cash Flows from Financing Activities
Issuance of Common Stock
Redemption of Bonds
Payment of Dividends
expand button
Transcribed Image Text: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 For the Year Ended December 31, 2020 Cash Flows from Operating Activities Net Income $ Adjustments to reconcile net income to Net Cash Used by Operating Activities Depreciation Expense Increase in Accounts Receivable Increase in Inventory Increase in Accounts Payable Increase in Income Taxes Payable Net Cash Provided by Operating Activities Cash Flows from Investing Activities Sale of Equipment Net Cash Provided by Investing Activities Cash Flows from Financing Activities Issuance of Common Stock Redemption of Bonds Payment of Dividends
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