Problem 13-7A (Part Level Submission) Presented below are the financial statements of Nosker Company. NOSKER COMPANY Comparative Balance Sheets December 31 Assets 2015 Cash $35,640 Accounts receivable 32,280 Inventory 26,780 Equipment 59,750 Accumulated depreciation-equipment (29,710) Total $124,740 2014 $19,920 19,220 20,120 77,790 (23,760) $113,290 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $28,750 7,130 27,750 17,320 43,790 $124,740 $ 16,210 8,350 33,930 14,970 39,830 $113,290 NOSKER COMPANY Income Statement For the Year Ended December 31, 2015 Sales revenue Cost of goods sold Gross profit Operating expenses Income from operations Interest expense Income before income taxes Income tax expense Net income $241,010 176,120 64,890 23,840 41,050 2,540 38,510 8,270 $30,240 Nee ihoone $36 Additional data: 1. Dividends declared and paid were $26,280. 2. During the year equipment was sold for $8,350 cash. This equipment cost $18,040 originally and had a book value of 58,350 at the time of sale. 3. All depreciation expense, $15,640, is in the operating expenses. 4. All sales and purchases are on account. Your answer is partially correct. Try again. Study Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with alther a or in parenthesis e.g. (15,000).) sign .g.-15,000 NOSKER COMPANY Statement of Cash Flows For the Year Ended December 31, 2015 Cash Flows from Operating Activities Net Income 30240 15640 I Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense Increase in Accounts Receivable Increase in Inventory Increase in Accounts Payable 13060 6660 1 12540 Increase in Accounts Payable SOURCES mework (Part 1220 T Decrease in Income Taxes Payable 1 (Part sion) 2A (Part ssion) 7A (Part ission -BA (Part mission) TNet Cash Provided by Operating Activities TCash Flows from Investing Activities 8350 Sale of Equipment alts by Study TCash Flows from Financing Activities 26280 Payment of Dividends 2350 Issuance of Common Stock 6180 1 Redemption of Bonds 30110 Net Cash used by Financing Activities TNet Increase in Cash Cash at Beginning of Period TCash at End of Period