Question

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The following are the financial statements of Nosker Company. NOSKER COMPANY Comparative Balance Sheets December 31 Assets 2020 2019 Cash $34.150 Accounts receivable $19,250 19,300 32,700 Inventory Equipment Accumulated depreciation-equipment 26,650 59,500 (29,900) $123,100 21,000 77,200 (23,200) $113,550 Total Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings $28,350 $ 16,550 7.2008,200 28.000 32,250 17.950 14,050 41.600 42.500 $123,100 $113,550 Total

Answer 1

	NOSKER COMPANY
	Cash Flow Statement as on 31-12-2020
Cash flow from Operating Activities
Net Income					$         30,600
Add : Provision for expense					$           8,800
Adjustments for :
Add	Depreciation				$         15,900
Add	Interest expense				$           2,700
	Operating profit before before working capital changes				$         58,000
Adjustments for :
Less	Increase in Account receivable				$         13,400
	(32700-19300)
Less	Increase in Inventory				$           5,650
	(26650-21000)
Add	Increase in Account payable				$         11,800
	(28350-16550)
Cash generated from Operation					$         50,750
Income tax paid (Working Note 1)					$           9,800
Net cash flow from operating activities						$         40,950
Cash flow from Investing Activities
Sale of Equipments					$           8,500
Net Cash flow from Investing Activities						$           8,500
Cash flow from Financing Activities
Bonds disposal					$   -4,250.00
(32250-28000)
Additions of Common stock					$     3,900.00
(17950-14050)
Dividend Paid					$ -31,500.00
Interest expense					$   -2,700.00
Net Cash flow from Financing Activities						$ -34,550.00
Net Decrease cash and cash and equivalent						$   14,900.00
Add	Opening Cash and cash equivalent					$   19,250.00
Closing Cash and cash equivalent						$   34,150.00

Workigs note 1
	Income Tax payable Account
		By Balance B/d	$   8,200.00
Tax Paid	$   9,800.00	Income tax expense	$   8,800.00
To Balance B/d	$   7,200.00
	$ 17,000.00		$ 17,000.00

Workings 2 : Sale of Equipment

Equipment cost
sold value	$ 8,500.00
Book value	$ 8,500.00
Profit	$              -

Workings 3 : Equipment Summary for Asset and Accumulated Depreciation

Equipment
opening Equipment	$         77,200
sold Equipment	$       -17,700
Closing of Equipment	$         59,500
Accumulate depreciation for Equipment
Opening Accumulate depreciation for Equipment	$         23,200
Accumulate depreciation for sold Equipment	$         -9,200
Balance after sold	$         14,000
Add : Current year depreciation	$         15,900
Closing accumulated depreciation	$         29,900