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The following are the financial statements of Nosker Company.
NOSKER COMPANY Comparative Balance Sheets December 31
Assets
2017
2016
Cash
$36,900
$20,000
Accounts receivable
32,700
18,300
Inventory
29,100
20,000
Equipment
59,600
78,000
Accumulated depreciation-equipment
(29,700
(23,000)
Total
$128,600
$113,300
Liabilities and Stockholders' Equity
Accounts payable
$28,400
$ 16,700
Income taxes payable
7,200
8,200
Bonds payable
26,200
Common stock
17,200
13,900
Retained earnings
49,600
41,800
NOSKER COMPANY Income Statement For the Year Ended December 31, 2017
Sales revenue
$241,500
Cost of goods sold
176,500
Gross profit
65,000
Operating expenses
23,400
Income from operations
41,600
Interest expense
3,400
Income before income taxes
38,200
Income tax expense
7,000
Net income
$31,200
Additional data:
1. Dividends declared and paid were $23,400.2. During the year equipment was sold for $9,800 cash. This equipment cost $18,400 originally and had a book value of $9,800 at the time of sale.3. All depreciation expense, $15,300, is in the operating expenses.4. All sales and purchases are on account.
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