B D PROBLEM4: The following balances were taken from the books of Swifty Corp. on December 31, 2020. Interest revenue $ 87,100 Accum depreciation - PP&E $ 70,200 Cash 203,200 Notes receivable 156,100 Sales revenue 1,381,100 Selling expenses 195,100 Accounts receivable 151,100 Accounts payable 171,100 Prepaid insurance 21,100 Dividends Distributed 10,000 Sales returns and allowances 151,100 Administrative and general expens 98,100 Allowance for doubtful accounts 8,100 Accrued liabilities 33,100 Sales discounts 46,100 Interest expense 61,100 Land 428,800 Notes payable - due Sept 2025 212,200 - Equipment & Buildings 342,200 Common stock 501,100 Cost of goods sold 622,100 Retained earnings (beg of yr bal) 22,100 20% tax Rate - 100,000 shares of common stock outstanding during the year 5 Instructions 7 A. Prepare a Multi-Step Income Statement (including Earnings Per Share Information) 8 B. What amounts would appear on the Balance Sheet for the following items as of end of the year Dec 31, 2020: 9 1. Retained Earnings 2. Total Current Liabilities 3. Total Long-Term Liabilities 0 1 A. Swifty Corp Income Statement For Year-Ending December 31, 2020 1,381,100 Sales Revenue Less: Sales Returns & Allowances (151,100) 5 7 3 3 1 2 3 4 5 6 Earnings Per Share: 7 Net Income Per Share 8 -9 B. What amounts would appear for: . Calculation Area: 51 RETAINED EARNINGS - ANSWER TOTAL CURRENT LIABILITIES - ANSWER TOTAL LONG-TERM LIABILITIES