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(Solution Download) Problem 17-8A (Part Level Submission) Presented below are the financial statements of Nosker Company


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Problem 17-8A (Part Level Submission)

 

Presented below are the financial statements of Nosker

 

Company.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOSKER COMPANY

 

Comparative Balance Sheets

 

December 31

 

 

Assets

 

 

2014

 

 

2013

 

Cash

 

$38,000

 

 

$20,000

 

Accounts receivable

 

30,000

 

 

14,000

 

Inventory

 

27,000

 

 

20,000

 

Equipment

 

60,000

 

 

78,000

 

Accumulated depreciationA????1equipment

 

(29,000

 

 

)

 

 

(24,000

 

 

)

 

   Total

 

$126,000

 

 

$108,000

 

 

Liabilities and StockholdersA????1 Equity

 

Accounts payable

 

$24,000

 

 

$ 15,000

 

Income taxes payable

 

7,000

 

 

8,000

 

Bonds payable

 

27,000

 

 

33,000

 

Common stock

 

18,000

 

 

14,000

 

Retained earnings

 

50,000

 

 

38,000

 

   Total

 

$126,000

 

 

$108,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOSKER COMPANY

 

Income Statement

 

For the Year Ended December 31, 2014

 

Sales revenue

 

$242,000

 

Cost of goods sold

 

175,000

 

Gross profit

 

67,000

 

Operating expenses

 

24,000

 

Income from operations

 

43,000

 

Interest expense

 

3,000

 

Income before income taxes

 

40,000

 

Income tax expense

 

8,000

 

Net income

 

$32,000

 

 


 

Additional data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.Dividends declared and paid were $20,000.
2.During the year equipment was sold for $8,500 cash. This

 

equipment cost $18,000 originally and had a book value of $8,500 at

 

the time of sale.

3.All depreciation expense, $14,500, is in the operating

 

expenses.

4.All sales and purchases are on account.

 


 

Further analysis reveals the following.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.Accounts payable pertain to merchandise suppliers.
2.All operating expenses except for depreciation were paid in

 

cash.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Collapse question part

 

(a)

 

Prepare a statement of cash flows for Nosker Company using the

 

direct 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, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

 

Less cash payments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

 

 

 

 

 

 

 

 

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(b)

 

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