Question
The following are the financial statements of Swifty Corporation. Swifty Corporation Comparative Balance Sheets December 31 Assets 2019 2018 Cash $37,700 $20,700 Accounts receivable 32,300
The following are the financial statements of Swifty Corporation. Swifty Corporation Comparative Balance Sheets December 31 Assets 2019 2018 Cash $37,700 $20,700 Accounts receivable 32,300 18,500 Inventory 29,900 20,900 Equipment 59,300 77,400 Accumulated depreciationequipment (29,100 ) (23,200 ) Total $130,100 $114,300 Liabilities and Stockholders Equity Accounts payable $28,800 $ 16,200 Income taxes payable 7,000 8,400 Bonds payable 27,600 33,800 Common stock 17,300 14,500 Retained earnings 49,400 41,400 Total $130,100 $114,300 Swifty Corporation Income Statement For the Year Ended December 31, 2019 Sales revenue $241,500 Cost of goods sold 176,500 Gross profit 65,000 Operating expenses 23,600 Income from operations 41,400 Interest expense 3,700 Income before income taxes 37,700 Income tax expense 8,400 Net income $29,300?
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