The Following Three Accounts Appear In The General Ledger Of Swifty Corp During 2022 Date Jan 1 July 31 Sept 2 Nov 1 (188.64 KiB) Viewed 10 times
The following three accounts appear in the general ledger of Swifty Corp. during 2022. Date Jan. 1 July 31 Sept. 2 Nov. 10 Date Jan. 1 Nov. 10 Dec. 31 Date Jan. 1 Aug. 23 Dec. 31 Balance Purchase of equipment Purchase of equipment Cost of equipment sold Balance Balance Equipment Accumulated depreciation on equipment sold Depreciation for year Net income Retained Earnings Dividends (cash dividends declared and paid) Debit Accumulated Depreciation-Equipment 71,900 55,000 Debit 16.700 Debit 18,900 Credit 25,000 Balance Credit 160,000 48,200 238,700 66,100 231,900 Credit Balance 286,900 70,100 53,400 78,400 Balance 105,200 86,300 152,400 From the postings in the accounts, indicate how the information is reported on a statement of cash flows using the indirect method. The loss on disposal of plant assets was $8,700. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).)
Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense Loss on Disposal of Plant Assets SWIFTY CORP Partial Statement of Cash Flows For the Year Ended December 31, 2022 Net Cash Provided by Operating Activities ✓ Cash Flows from Investing Activities Sale of Equipment Purchase of Equipment Cash Flows from Investing Activities Net Cash Used by Financing Activities Payment of Cash Dividends Cash Flows from Financing Activities V 25000 8300 -126900 23200 -18900 $ 66100 33300 99400 103700 -18900
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