SWIFTY INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 12/31/20 Cash $6,000 Accounts receivable 62,600 Short-term debt investments (available for sale) 35,200 Inventory 39.600 Prepaid rent 5,000 Equipment 152,800 Accumulated depreciation equipment (34,900) Copyrights 45,900 Total assets $312,200 12/31/19 $7,000 50,600 18,100 59,700 4,000 128,900 (24,800) 49,800 $293,300 Accounts payable Income taxes payable Salaries and wages payable Short-term loans payable Long-term loans payable Common stock, $10 par Contributed capital, common stock Retained earnings Total liabilities & stockholders'equity $45,900 4,000 8,100 8,000 60,500 100,000 30,000 55.700 $312.200 $39.900 6,000 3,900 10.000 68,500 100,000 30,000 35.000 $293,300 SWIFTY INC. INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2020 Sales revenue $337,675 Cost of goods sold 175,500 Gross profit 162,175 Operating expenses 119,500 Operating income 42,675 Interest expense $11,300 Gain on sale of equipment 2.000 9,300 Income before tax 33,375 Income tax expense 6,675 Net income $26,700 Additional information: 1 2. Dividends in the amount of $6,000 were declared and paid during 2020. Depreciation expense and amortization expense are included in operating expenses. No unrealized gains or losses have occurred on the investments during the year. Equipment that had a cost of $20,000 and was 70% depreciated was sold during 2020. 3. Question 6 of 23 -12 SWIFTY INC. Statement of Cash Flows Adjustments to reconcile net income to > $ > -/25 23 Question 6 of 23 -/25 -> $ e Textbook and Media