The income statement for the year ended December 31, 2017 for Swifty Manufacturing Company contains the following condensed information. $ 6,587,000 SWIFTY CO. INCOME STATEMENT Revenues Operating expenses (excluding depreciation) $4.924,000 Depreciation expense 874.000 Income before income tax Income tax expense Net income 5.798.000 789.000 355.050 $ 433.950 Included in operating expenses is a $35.000 loss resulting from the sale of machinery for $274.000 cash. The company purchased machinery at a cost of $744,000, Swifty reports the following balances on its comparative balance sheets at December 31 SWIFTY CO. COMPARATIVE BALANCE SHEETS (PARTIAL) 2017 2016 Cash $668,950 $134.000 Accounts receivable 789.000 614.000 Inventory 836.000 875.000 Accounts payable 527.000 515.000 Income tax experise of $355.0 50 represents the amount paid in 2017 Dividends declared and paid in 2017 tocated 5214000 Prepare the statement of cash flows using the indirect method. (Show amounts that decrease cash flow with the SWIFTY COMPANY Statement of Cash Flows Cash at Beginning of Period Cash at End of Period Cash Flows from Financing Activities Cash Flows from Investing Activities Cash Flows from Operating Activities Net Cash Provided by Financing Activities Net Cash Provided by Investing Activities Net Cash Provided by Operating Activities Net Cash Used by Financing Activities Net Cash Used by Investing Activities Net Cash Used by Operating Activities Net Decrease in Cash Net Increase incas The income statement for the year ended December 31, 2017 for Swifty Manufacturing Company contains the following condensed $ 6,587,000 SWIFTY CO INCOME STATEMENT Revenues Operating expenses (excluding depreciation) $4,924,000 Depreciation expense 874,000 Income before income tax Income tax expense Net income 5,798,000 789,000 355,050 $ 433,950 included in operating expenses is a $35,000 loss resulting from the sale of machinery for $274.000 cash. The company purchased machinery at a cost of $744.000. Swifty reports the following balances on its comparative balance sheets at December 31 Income tax expense Net income $ 355,050 433,950 Included in operating expenses is a $35,000 loss resulting from the sale of machinery for $274,000 cash. The company purchased machinery at a cost of $744.000 Swifty reports the following balances on its comparative balance sheets at December 31 SWIFTY CO. COMPARATIVE BALANCE SHEETS (PARTIAL) 2017 2016 Cash $668,950 $134.000 Accounts receivable 789,000 614,000 Inventory 836,000 875.000 Accounts payable 527.000 515,000 Income tax expense of $355.050 represents the amount paid in 2017 Dividends declared and paid in 2017 totaled $214,000. Prepare the statement of cash flows using the indirect method. (Show amounts that decreased cash flow with either a signes. 15.000 or in parenthesises(15.000 SWIFTY COMPANY Statement of Cash Flows Adjustments to reconcle net income to Cash at Beginning of Period Cash at End of Period Cash Flows from Financing Activities Cash Flows from Investing Activities Cash Flows from Operating Activities Net Cash Provided by Financing Activities Net Cash Provided by Investing Activities Net Cash Provided by Operating Activities Net Cash Used by Financing Activities Net Cash Used by Investing Activities Net Cash Used by Operating Activities Net Decrease in Cash Not Increase in Cash
