The following are the financial statements of Nosker Company.NOSKER COMPANY Comparative Balance Sheets December 31 Assets 20172016 Cash $ 34,050 $ 19,350 Accounts receivable 32,050 20,000Inventory 26,800 20,100 Equipment 59,550 77,250 Accumulateddepreciationâequipment (29,750 ) (24,000 ) Total $122,700 $112,700Liabilities and Stockholdersâ Equity Accounts payable $ 29,000 $16,150 Income taxes payable 7,000 8,150 Bonds payable 27,400 32,900Common stock 17,250 14,650 Retained earnings 42,050 40,850 Total$122,700 $112,700 NOSKER COMPANY Income Statement For the YearEnded December 31, 2017 Sales revenue $242,350 Cost of goods sold176,600 Gross profit 65,750 Operating expenses 24,150 Income fromoperations 41,600 Interest expense 3,500 Income before income taxes38,100 Income tax expense 8,800 Net income $ 29,300 Additionaldata: 1. Dividends declared and paid were $28,100. 2. During theyear equipment was sold for $8,350 cash. This equipment cost$17,700 originally and had accumulated depreciation of $9,350 atthe time of sale. 3. All depreciation expense, $15,100, is in theoperating expenses. 4. All sales and purchases are on account.Prepare a statement of cash flows using the indirect method. (Showamounts that decrease cash flow with either a - sign e.g. -15,000or in parenthesis e.g. (15,000).) NOSKER COMPANY Statement of CashFlows $ Adjustments to reconcile net income to $ $
Compute free cash flow.
The following are the financial statements of Nosker Company.NOSKER COMPANY Comparative Balance Sheets December 31 Assets 20172016 Cash $ 34,050 $ 19,350 Accounts receivable 32,050 20,000Inventory 26,800 20,100 Equipment 59,550 77,250 Accumulateddepreciationâequipment (29,750 ) (24,000 ) Total $122,700 $112,700Liabilities and Stockholdersâ Equity Accounts payable $ 29,000 $16,150 Income taxes payable 7,000 8,150 Bonds payable 27,400 32,900Common stock 17,250 14,650 Retained earnings 42,050 40,850 Total$122,700 $112,700 NOSKER COMPANY Income Statement For the YearEnded December 31, 2017 Sales revenue $242,350 Cost of goods sold176,600 Gross profit 65,750 Operating expenses 24,150 Income fromoperations 41,600 Interest expense 3,500 Income before income taxes38,100 Income tax expense 8,800 Net income $ 29,300 Additionaldata: 1. Dividends declared and paid were $28,100. 2. During theyear equipment was sold for $8,350 cash. This equipment cost$17,700 originally and had accumulated depreciation of $9,350 atthe time of sale. 3. All depreciation expense, $15,100, is in theoperating expenses. 4. All sales and purchases are on account.Prepare a statement of cash flows using the indirect method. (Showamounts that decrease cash flow with either a - sign e.g. -15,000or in parenthesis e.g. (15,000).) NOSKER COMPANY Statement of CashFlows $ Adjustments to reconcile net income to $ $
Compute free cash flow.
