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The following are Swifty Corp's comparative balance sheet accounts at December 31, 2020 and 2019, with a column showing the increase (decrease) from 2019 to
The following are Swifty Corp's comparative balance sheet accounts at December 31, 2020 and 2019, with a column showing the increase (decrease) from 2019 to 2020. COMPARATIVE BALANCE SHEETS 2019 Cash Accounts receivable Inventory Property, plant, and equipment Accumulated depreciation Investment in Myers Co. Loan receivable Total assets 2020 $812,400 1,135,500 1,844,800 3,316,600 (1,160,900) 309,500 250,500 $6,508,400 $700,100 1,158,500 1,713,900 2,964,200 (1,040,300) 274,000 Increase (Decrease) $112,300 (23,000) 130,900 352,400 (120,600) 35,500 250,500 $738,000 $5,770,400 $955,000 50,300 100,500 $60,400 (20,400) (20,900) 412,000 Accounts payable Income taxes payable Dividends payable Lease liability Common stock, $1 par Paid-in capital in excess of par-common stock Retained earnings Total liabilities and stockholders' equity $1,015,400 29,900 79,600 412,000 500,000 1,511,500 2,960,000 $6,508,400 500,000 1,511,500 2,653,100 $5,770,400 306,900 $738,000 Additional information: 1. 2. 3. On December 31, 2019, Swifty acquired 25% of Myers Cois common stock for $274,000. On that date, the carrying value of Myers's assets and liabilities, which approximated their fair values, was $1,096,000. Myers reported income of $142,000 for the year ended December 31, 2020. No dividend was paid on Myers's common stock during the year. During 2020, Swifty loaned $312,200 to TLC Co., an unrelated company. TLC made the first semiannual principal repayment of $61,700, plus interest at 10%, on December 31, 2020. On January 2, 2020, Swifty sold equipment costing $59,600, with a carrying amount of $37,700, for $40,200 cash. On December 31, 2020, Swifty entered into a capital lease for an office building. The present value of the annual rental payments is $412,000, which equals the fair value of the building. Swifty made the first rental payment of $59,700 when due on January 2, 2021. Net income for 2020 was $386,500. Swifty declared and paid the following cash dividends for 2020 and 2019. 4. 5. 6. Declared Paid 2020 December 15, 2020 February 28, 2021 $79,600 2019 December 15, 2019 February 28, 2020 $100,500 Amount Prepare a statement of cash flows for Swifty Corp. for the year ended December 31, 2020, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g.-15,000 or in parenthesis e.g. (15,000).)
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