Accounting Problem - Swifty Corp.

Refer to Swifty Corp Instructions.png while working through part 1 and 2 , it provides important values.

itement of Financial Performance For the Year Ended December 31, 2020 Sales Revenue Cost of Goods Sold Gross Profit/ [Loss Operating Expenses Sellry Expansion Administrative Expenses Income from Operations Other Revenues and Galna Dividend Revenue Interest Income Other Expenses and Losses Loss on Inventory Due To Decline In Net Realizable Value Loss on disposal of Equipment Loss From Expropriation Income before Income Tax Income Tax Expanse Net Income / (Loss] Other Comprehensive Income ims that will not be reclassified subsequently to net income or Unrealized Gain on FV-OCI Investment (Net Of Income Tax) Comprehensive IncomePrepare the retained earnings section of the statement of changes in equity for 2020. (List items that increase retained earnings first following the adjustment of prior years.) Swifty Corp. Excerpt from Statement of Changes in Equity For the Year Ended December 31, 2020 Retained Earnings Balance, January 1, as reported Correction For Overstatement of Net Income In Prior Perlod [Nat of Thud Retained Earnings Balance January 1, an restated Add Net Income / [Loss Dividends Declared Retained Earnings Balance, December 31 S eTextbook and Media Prepare the journal entry to record the depreciation expense omitted by mistake in 2019. (Credit account titles are automatically indented when the amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit Retained Earnings Income Tax Payable / Receivable Accumulated Depreciation - BulkdingsThe following is information for Swifty Corp. for the year ended December 31, 2020: Sales revenue $1, 400,000 Loss on inventory due to decline in not realizable value $82.000 Unrealized main on FV-OCI equity investments 46.000 Loss on disposal of equipment 40.000 Interest income 8.000 Depreciation expense related to buildings omitted by mistake in 2019 54.000 Cost of goods sold 840.000 Ratained earnings at December 31, 2019 960.000 Salling expanses 70.000 Loss from expropriation of land 64.000 Administrative expanses 52 000 Dividends declared 44.000 Dividand revenue 21000 The effective taxrate is 300 on all items. Swifty prepares financial statements in accordance with IFRS. The FV-OCI equity Investments trade on the stock exchange. Gains/losses on FV-OCI investments are not recycled through net income