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Accounting majors and professionals please help?
Presented below are the financial statements of Nosker Company.
NOSKER COMPANY
Comparative Balance Sheets
December 31
Assets
2015
2014
Cash
$34,260
$20,340
Accounts receivable
32,760
18,480
Inventory
26,760
20,170
Equipment
59,220
77,700
Accumulated depreciation—equipment
(29,710
)
(23,060
)
Total
$123,290
$113,630
Liabilities and Stockholders’ Equity
Accounts payable
$28,550
$ 16,230
Income taxes payable
7,310
8,440
Bonds payable
27,600
33,530
Common stock
17,430
14,740
Retained earnings
42,400
40,690
Total
$123,290
$113,630
NOSKER COMPANY
Income Statement
For the Year Ended December 31, 2015
Sales revenue
$241,620
Cost of goods sold
175,260
Gross profit
66,360
Operating expenses
23,340
Income from operations
43,020
Interest expense
2,690
Income before income taxes
40,330
Income tax expense
7,730
Net income
$32,600
Additional data:
1. Dividends declared and paid were $30,890.
2. During the year equipment was sold for $7,740 cash. This equipment cost $18,480 originally and had a book value of $7,740 at the time of sale.
3. All depreciation expense, $17,390, is in the operating expenses.
4. All sales and purchases are on account.
Prepare a statement of cash flows using the indirect method.
I have the account titles but I just can't seem to enter the correct data like at all!!
I need help really bad please!
1 Answer
- ProfLv 74 years ago
Good problem. A good student can solve this in about one hour. A mediocre student requires more time. What you need is a tutor for something like this, who can put you through the process in about two to three hours. Go to Wyzant.com to get the help you need. Then you will know how to do this problem in 45 minutes. And in the final exam you'll breeze through a cash flow problem with flying colors.