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The comparative balance sheets of Swifty Inc. at the beginning and the end of the year 2017 are as follows.

SWIFTY INC.

BALANCE SHEETS

Dec.31,2017

Jan. 1, 2017

Inc./Dec.

AssetsCash$46,260$14,260$32,000Inc.Accounts receivable94,98090,7204,260Inc.Equipment42,98024,72018,260Inc.Less: Accumulated Depreciation-Equipment20,98011,0009,980Inc.Total$163,240$118,700Liabilities and Stockholders' EquityAccounts payable$23,980$17,7206,260Inc.Common stock101,26082,72018,540Inc.Retained earnings38,00018,26019,740Inc.Total$163,240$118,700

Net income of $47,980was reported, and dividends of $28,240were paid in 2017. New equipment was purchased and none was sold.

Prepare

Exercise 5-14 Your answer is partially correct. Try again. The comparative balance sheets of Swifty Inc. at the beginning and the end of the year 2017 are as follows. SWIFTY INC. BALANCE SHEETS Dec. 31, 2017 Jan. 1, 2017 Inc./Dec. Assets Cash $ 46,260 $ 14,260 Accounts receivable 94,980 90,720 4,260 Inc. Equipment 42,980 24,720 18,260 Inc. Less: Accumulated Depreciation-Equipment 20,980 11,000 9,980 Inc. $163,240 $118,700 $ 23,980 $ 17,720 6,260 Inc. 101,260 82,720 18,540 Inc. 38,000 18,260 19,740 Inc. $163,240 $118,700 Total $32,000 Inc. Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total Net income of $47,980 was reported, and dividends of $28,240 were paid in 2017. New equipment was purchased, and none was sold. Prepare a statement of cash flows for the year 2017. (Show amounts that decrease cash flow with either a sign e.g. -15,000 or in parenthesis e.g. (15,000).) SWIFTY INC. Statement of Cash Flows For the Year Ended December 31, 2017 Cash Flow s from Operating Activities $ Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities $ Increase in Accounts Receivable Increase in Accounts Payable Depreciation Expense Net Cash Provided by Operating Activities Cash Flow s from Investing Activities Purchase of Equipment Cash Flow s from Investing Activities Issuance of Common Stock Payment of Cash Dividends Net Cash Used by Financing Activities Net Increase in Cash 32,000 Cash at Beginning of Year $ Cash at End of Year