swiss

Swiss Farm Inc.'s balance sheet information is as follows: 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 $42,700 and was depreciated $24,100 was sold for cash. g. Equipment was purchased for cash. h. The chance in the balance of Accumulated Depreciation resulted from depreciation expense and from the sale of eauipment. 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 $775,500. k. Cash payments for merchandise inventory amounted to $425,900. I. Cash payments for other operating expenses were $170,100. m. Income taxes paid were $32,500. Required: Prepare Swiss Farm's single-step income statement for 2020. A \& R Problem 16-3 (Direct method) Swiss Farm Inc.'s 2020 statement of cash flows appeared as follows