Swiss Farm Inc.s 2020 statement of cash flows appeared as follows:
Prepare Swiss Farms single-step income statement for 2020.
Swiss Farm Inc.'s 2020 statement of cash flows appeared as follows: $ 127, 100 $ (15,600) 48,500 (5,500) (18,400) 5,300 12,900 12,500 (5,900) Cash flows from operating activities: Profit Accounts receivable increase Inventory decrease Prepaid expense increase Accounts payable decrease Income taxes payable increase Depreciation expense Loss on disposal of equipment Gain on bond retirement Net cash inflows from operating activities Cash flows from investing activities: Receipt from sale of office equipment Purchase of store equipment Net cash out flows from investing activities Cash flows from financing activities: Payment to retire bonds payable Payment of dividends Net cash outflows from financing activities Net increase in cash Cash balance at December 31, 2019 Cash balance at December 31, 2020 33,800 $ 169,900 $ 6,900 33,900 (27,000) $ (53, 100) (34,500) $ (87.600) 46,300 46,300 92,600 $ Swiss Farm Inc.'s balance sheet information is as follows LAS VOLAILLE al UELCHICE JI, ZUZU Swiss Farm Inc.'s balance sheet information is as follows: Cash Accounts receivable Merchandise inventory Prepaid expenses Equipment Accumulated depreciation Accounts payable Income taxes payable Dividends payable Bonds payable Common shares Retained earnings December 31 2020 2019 $ 92,600 $ 46,300 116,700 101, 100 213,600 262,100 10,800 5,300 100,900 111,300 20,000 32,000 60,300 78,700 12,700 7,400 @ 8,400 59,000 275,000 275,000 166,600 65,600 An examination of the company's statements and accounts showed: a. All accounts have normal balances, b. All sales were made on credit. c. Ali merchandise purchases were on credit Saved Help Retained earnings 166,600 65,600 An examination of the company's statements and accounts showed: a. All accounts have normal balances. b. All sales were made on credit. c. All merchandise purchases were on credit. d. Accounts payable balances resulted from merchandise purchases, e. Prepaid expenses relate to other operating expenses. f. Equipment that cost $44,300 and was depreciated $24.900 was sold for cash. g. Equipment was purchased for cash. h. The change in the balance of Accumulated Depreciation resulted from depreciation expense and from the sale of equipment. i. The change in the balance of Retained Earnings resulted from dividend declarations and profit j. Cash receipts from customers were $796,600. k. Cash payments for merchandise inventory amounted to $429.900 1. Cash payments for other operating expenses were $172.500. m. Income taxes paid were $33,300. ces Required: Prepare Swiss Farm's single-step income statement for 2020. SWISS FARM INC. Income Statement For Year Ended December 31, 2020 ere to search DELL e Swiss Farm's single-step income statement for 2020. SWISS FARM INC. Income Statement For Year Ended December 31, 2020 Revenues Total revenues Expenses $ 0 Total expenses
