221 HW2 Ch 16-18

Question 7 of 10

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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).)