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Question 2 of 60 > - /6 E *** View Policies Current Attempt in Progress Swifty Corporation has recently decided to go public and has hired you as an independent CPA. One statement that the enterprises anxious to have prepared is a statement of cash flows. Financial statements of Swifty Corporation for 2022 and 2021 are provided below BALANCE SHEETS 12/31/22 12/31/21 Cash $409000 $ 193000 Accounts receivable 362000 217000 Inventory 385000 482000 Property, plant and equipment $606000 $962000 Less accumulated depreciation (320000) 286000 (306000) 656000 $1442000 $1548000 Accounts payable $ 177000 $98000 Income taxes payable 350000 390000 Bonds payable 360000 598000 Common stock 213750 214000 341250 248000 Retained earnings $1442000 $1548000 INCOME STATEMENT For the Year Ended December 31, 2022 $8400000 Sales revenue 7151000 Cost of sales 1249000 Gross profit INCOME STATEMENT For the Year Ended December 31, 2022 Sales revenue $8400000 Cost of sales 7151000 Gross profit 1249000 $601000 194000 795000 Selling expenses Administrative expenses Income from operations Interest expense 454000 71000 383000 Income before taxes 95750 Income taxes $287250 Net income The following additional data were provided The following additional data were provided: 1. Dividends for the year 2022 were $194000. 2. During the year, equipment was sold for $239000. This equipment cost $352000 originally and had a book value of $286000 at the time of sale. The loss on sale was incorrectly charged to cost of sales. 3. All depreciation expense is in the selling expense category The net cash provided (used) by investing activities is $(286000). $47000. $(352000) $239000. Attempts: 0 of 1 used Submit