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please for question B dont forget to fill out all the blanks and write correct answers, thank uou very much, thumbs up if the answer
please for question B dont forget to fill out all the blanks and write correct answers, thank uou very much, thumbs up if the answer is correct
Comparative balance sheet accounts of Swifty Company are presented below. SWIFTY COMPANY COMPARATIVE BALANCE SHEET ACCOUNTS AS OF DECEMBER 31 Debit Balances 2020 2019 Cash $69,500 $51,100 Accounts Receivable 155,000 129,800 Inventory 75,200 61,300 Debt investments (available-for-sale) 55,200 85,800 Equipment 70,000 48,100 Buildings 145,200 145,200 Land 39,700 25,100 Totals $609,800 $546,400 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 $10,000 $8,000 20,800 13,900 36,700 27,800 66,600 60,200 12,000 10,100 62,000 70,000 310,000 260,000 91,700 96,400 $609,800 $546,400 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 $35,300 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. 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 $949,500 599,300 350,200 251,900 98,300 $15,200 (3,000) 12,200 110,500 45.200 $65,300 Income taxes Net income (a) Compute net cash provided by operating activities under the direct method. (Enter negative amounts using either a negative sign preceding the number eg. 45 or parentheses eg. (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 - sign eg.-15,000 or in parenthesis eg. (15,000).) SWIFTY COMPANY Statement of Cash Flows Adjustments to reconcile net income to > > . . > $ Save for Later Attempts: 0 of 3 used Submit Step by Step Solution
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