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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 depreciation—equipment
(29,000)
(24,000)
Total
$126,000
$108,000
Liabilities and Stockholders' Equity
Accounts payable
$ 24,000
$ 15,000
Income taxes payable
7,000
8,000
Bonds payable
33,000
Common stock
18,000
Retained earnings
50,000
38,000
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
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.
Instructions:
(a) Prepare a statement of cash flows using the indirect method.Cash from operations $31,500(b) Compute free cash flow.
Identify the purpose of the statement of cash flows.
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