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221 HW2 Ch 16-18 Question 7 of 10 - / 1 Current Attempt in Progress The following are comparative balance sheets for Swifty Company. SWIFTY
221 HW2 Ch 16-18
Question 7 of 10
- / 1
Current Attempt in Progress
The following are comparative balance sheets for Swifty Company.
SWIFTY Company Comparative Balance Sheets December 31 | ||||||
---|---|---|---|---|---|---|
Assets | 2022 | 2021 | ||||
Cash | $73,500 | $33,500 | ||||
Accounts receivable | 85,800 | 70,600 | ||||
Inventory | 169,700 | 186,700 | ||||
Land | 73,300 | 101,800 | ||||
Equipment | 259,000 | 199,400 | ||||
Accumulated depreciationequipment | (65,800) | (33,800) | ||||
Total | $595,500 | $558,200 | ||||
Liabilities and Stockholders Equity | ||||||
Accounts payable | $35,500 | $46,500 | ||||
Total | $595,500 | $558,200 |
Additional information:
1. | Net income for 2022 was $103,400. | |
2. | Depreciation expense was $32,000. | |
3. | Cash dividends of $47,000 were declared and paid. | |
4. | Bonds payable with a carrying value of $52,400 were redeemed for $52,400 cash. | |
5. | Common stock was issued at par for $44,300 cash. | |
6. | No equipment was sold during 2022. | |
7. | Land was sold for its book value. |
Prepare a statement of cash flows for 2022 using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000, or in parenthesis e.g. (15,000).)
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