Swimfish is a merchandising company that sells wetsuits imported from Norway for freezing cold water. Below you are given two consecutive balance sheets and a summary of all the cash transactions occurred in year x20. The company closes its accounts at the end of December. Swimfish Company - Balance Sheets as of December 31 of years (in million) x20 x19 Noncurrent assets Property, plant & equipment, net108 100 Current assets Prepaid rent 12 8 Merchandise inventory 228 220 Accounts receivable 60 40 Cash 104 52 Total current assets 404 320 Total assets 512 420 Shareholders' Equity Share capital 244 220 Retained profits 152 124 Total owners' equity 396 344 Current liabilities Taxes payable 24 0 Salaries payable 16 20 Accounts payable for merchandise76 56 Total current liabilities 116 76 Total liabilities and owners' equity512 420 Cash receipts and payments during year x20 (in million)x20 Cash collections from customers584 Issue of new shares 24 Payments to suppliers of merchandise-280 Payments for new equipment -28 Salaries paid -200 Rent payment -20 Utilities and other operating costs-12 Dividend paid -16 Notes: There were no disposals of equipment in year x20. New shares were issued for cash. No taxes were paid in year x20. Compute the following items for year x20: (using T accounts might be helpful and show your calculations). 1. Revenue from credit sales (assume all sales were on credit). Tip: you can get this number from the Accounts Receivable T account. 2. Cost of merchandise purchased (all merchandise is purchased on account) 3. Cost of goods sold 4. Depreciation expense 5. Rent expense 6. Salaries expense 7. Utilities and other operating expense 8. Tax expense 9. Net profit 10. Prepare the Cash Flow Statement for Swimfish for the year x20 using the direct method. 11. Prepare the Income Statement for the