Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Swifty Corporation's balance sheet accounts as of December 31, 2021 and 2020 and information relating to 2018 activities are presented below. December 31, 2021 2020

Swifty Corporation's balance sheet accounts as of December 31, 2021 and 2020 and information relating to 2018 activities are presented below.

December 31,
2021 2020
Assets
Cash $ 442000 $ 202000
Short-term investments 600000
Accounts receivable (net) 1000000 1000000
Inventory 1380000 1180000
Long-term investments 400000 600000
Plant assets 3400000 2020000
Accumulated depreciation (902000) (902000)
Patent 181000 201000
Total assets

$6501000

$4301000

Liabilities and Stockholders' Equity
Accounts payable and accrued liabilities $1650000 $1450000
Notes payable (nontrade) 581000
Common stock, $10 par 1658000 1420000
Additional paid-in capital 801000 498000
Retained earnings 1811000 933000
Total liabilities and stockholders' equity

$6501000

$4301000

Information relating to 2021 activities: Net income for 2021 was $1480000. Cash dividends of $602000 were declared and paid in 2021. Equipment costing $1020000 and having a carrying amount of $318000 was sold in 2021 for $358000. A long-term investment was sold in 2021 for $318000. There were no other transactions affecting long-term investments in 2021. 23800 shares of common stock were issued in 2021 for $25 a share. Short-term investments consist of treasury bills maturing on 6/30/22. Net cash provided by Swiftys 2021 financing activities was

$574000.

$614000.

$1176000.

$1778000.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Politics Of Internal Auditing

Authors: Dr. Larry Rittenberg, Patty Miller

1st Edition

0894139053, 978-0894139055

More Books

Students also viewed these Accounting questions