Prepare a statement of cash flows using the indirect method
Problem 12-7A (Part Level Submission)
Presented below are the financial statements of Swifty Corporation.
| Swifty Corporation Comparative Balance Sheets December 31 |
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|---|---|---|---|---|---|---|
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2017 |
2016 |
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|
Cash |
$ 60,550 |
$ 34,600 |
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|
Accounts receivable |
34,600 |
24,220 |
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|
Inventory |
48,440 |
34,600 |
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|
Property, plant, and equipment |
103,800 |
134,940 |
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|
Accumulated depreciation |
(55,360 |
) |
(41,520 |
) |
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|
Total |
$192,030 |
$186,840 |
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|
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|
Accounts payable |
$ 32,870 |
$ 25,950 |
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|
Income taxes payable |
12,110 |
13,840 |
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|
Bonds payable |
29,410 |
57,090 |
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|
Common stock |
31,140 |
24,220 |
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|
Retained earnings |
86,500 |
65,740 |
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|
Total |
$192,030 |
$186,840 |
|
Swifty Corporation |
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|---|---|---|---|---|
|
Sales revenue |
$418,660 |
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|
Cost of goods sold |
302,750 |
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|
Gross profit |
115,910 |
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|
Selling expenses |
$31,140 |
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|
Administrative expenses |
10,380 |
41,520 |
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|
Income from operations |
74,390 |
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|
Interest expense |
5,190 |
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|
|
69,200 |
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|
Income tax expense |
13,840 |
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|
Net income |
$ 55,360 |
Additional data:
| 1. | Depreciation expense was $30,275. | |
| 2. | Dividends declared and paid were $34,600. | |
| 3. | During the year equipment was sold for $14,705 cash. This equipment cost $31,140 originally and had accumulated depreciation of $16,435 at the time of sale. |
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