Change Increase/Decrease Assets 2017 2016 Cash $66,520 $36,250 $30,270 Increase Accounts receivable 61,920 22,140 39,780 Increase Inventory 44,360 -0- 44,360 Increase Prepaid expenses 6,010 3,990 2,020 Increase Land 54,970 70,420 15,450 Decrease Buildings 198,520 198,520 -0- Accumulated depreciation-buildings (21,150) (14,100) 7,050 Increase Equipment 183,640 68,600 115,040 Increase Accumulated depreciation-equipment (27,240) (9,930) 17,310 Increase Totals $567,550 $375,890 Liabilities and Stockholders' Equity Accounts payable $43,050 $39,600 $3,450 Increase Accrued expenses payable 0 10,100 10,100 Decrease Bonds payable 101,370 151,020 49,650 Decrease Common stock ($1 par) 230,280 60,590 169,690 Increase Retained earnings 192,850 114,580 78,270 Increase Totals $567,550 $375,890 01:18:02 Hide Tin Swifty Corporation Income Statement For the Year Ended December 31, 2017 Sales revenue $950.240 Cost of goods sold $476,350 Operating expenses 231,870 Interest expense 12,080 Loss on disposal of equipment 1,990 722.290 Income before income taxes 227,950 Income tax expense 64,840 Net income $163,110 Additional information: 1. Operating expenses include depreciation expense of $39,760. 2. Land was sold at its book value for cash. 3. Cash dividends of $84,840 were declared and paid in 2017. 4. Equipment with a cost of $166,140 was purchased for cash. Equipment with a cost of $51,100 and a book value of $35,700 was sold for $33,710 cash. 5. Bonds of $49,650 were redeemed at their face value for cash. 6. Common stock ($1 par) of $169,690 was issued for cash. Use this information to prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-signe.g. -15,000 or in parenthesis e.g. (15,000).) Swifty Corporation Statement of Cash Flows-Indirect Method Adjustments to reconcile net income to $ . . . > > . . >