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
|
||||
32,500
|
19,800
|
|||||
Inventory |
26,150
|
20,850
|
||||
Equipment |
59,600
|
77,650
|
||||
(29,650
|
)
|
(23,150
|
)
|
|||
Total |
$124,100
|
$115,950
|
||||
Liabilities and
|
||||||
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
|
||||
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. |
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