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AS OF DECEMBER 31 ebit Balanc Cash Accounts Receivable 2017 2016 Debt investments (available-for-sale) Equipment Buildings Land $69,300 $51,100 155,400 130,600 75,400 60,800 54,600 85,700
AS OF DECEMBER 31 ebit Balanc Cash Accounts Receivable 2017 2016 Debt investments (available-for-sale) Equipment Buildings Land $69,300 $51,100 155,400 130,600 75,400 60,800 54,600 85,700 69,800 48,100 146,300 146,300 39,800 25,300 Totals $610,600 S547,900 dit Balan Allowance for Doubtful Accounts Accumulated Depreciation -Equipment Accumulated Depreciation -Buildings Accounts Payable Income Taxes Payable Long-Term Notes Payable Common Stock $9,900 $7,900 20,900 13,900 36,800 27,800 65,800 60,200 9,900 70,000 310,000 260,000 93,200 98,200 $610,600 S547,900 12,000 62,000 Retained Earnings Totals Additional data 1. Equipment that cost $10,000 and was 60% depreciated was sold in 2017 2. Cash dividends were declared and paid during the year 3. Common stock was issued in exchange for land. 4. Investments that cost $34,900 were sold during the year 5. There were no write-offs of uncollectible accounts during the year Swifty's 2017 income statement is as follows. Sales revenue Less: Cost of goods sold Gross profit Less depreciation expense a Income from operations Other revenues and expenses S945,100 596,800 348,300 250,600 97,700 g expenses (includes nd bad debt expense) Gain on sale of investments $15,200 Loss on sale of equipment Income before taxes Income taxes Net income (3,000) 12,200 109,900 44,900 $65,000 (a) Compute net cash provided by operating activities under the direct method. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) Net cash fiow from operating activitiess (b) Prepare a statement of cash flows 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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