I got everything filled out. Just need help with the numbers
Comparative balance sheet accounts of Swifty Company are presented below. SWIFTY COMPANY COMPARATIVE BALANCE SHEET ACCOUNTS AS OF DECEMBER 31 Debit Balances 2020 Cash $69,500 Accounts Receivable 154,400 Inventory 75,600 Debt investments (available-for-sale) 54,600 Equipment 69,400 Buildings 144,800 Land 40,100 Totals $608,400 2019 $51,400 128,900 60,600 84,700 48,400 144,800 25,300 $544,100 Credit Balances Allowance for Doubtful Accounts Accumulated Depreciation Equipment Accumulated Depreciation-Buildings Accounts Payable Income Taxes Payable Long-Term Notes Payable Common Stock Retained Earnings Totals $9,900 20,800 37,100 66,600 12,100 62,000 310,000 89,900 $608,400 $7,900 13,900 28,300 59,600 10,100 70,000 260,000 94,300 $544,100 Additional data: 1. Equipment that cost $10,000 and was 60% depreciated was sold in 2020. 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 2020 income statement is as follows. $947,000 596,700 350,300 251,500 98,800 Sales revenue Less: Cost of goods sold Gross profit Less: Operating expenses (includes depreciation expense and bad debt expense) Income from operations Other revenues and expenses Gain on sale of investments Loss on sale of equipment Income before taxes Income taxes Net income $15,000 (3,000 ) 12,000 110,800 45,200 $65,600 (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 flow from operating activities (b) Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - SWIFTY COMPANY Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flows from Operating Activities 65,600 Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense Gain on Sale of Investments Loss on Sale of Equipment Increase in Accounts Receivable (Net) Increase in Inventory Increase in Accounts Payable Increase in Income Taxes Payable Net Cash Provided by Operating Activities Cash Flows from Investing Activities Purchase of Investments Purchase of Equipment Sale of Investments Sale of Equipment Net Cash Used by Investing Activities Cash Flows from Financing Activities Payment of Long-term Notes Payable Cash Dividends Paid Issuance of Common Stock Net Cash Provided by Financing Activities Net Increase in Cash Cash, January 1, 2020 Cash, December 31, 2020 Noncash Investing and Financing Activities Issuance of Common Stock for Land
