View Policies Current Attempt in Progress Condensed financial data of Swifty Company for 2020 and 2019 are presented bel

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View Policies Current Attempt In Progress Condensed Financial Data Of Swifty Company For 2020 And 2019 Are Presented Bel 1 (67.37 KiB) Viewed 92 times

View Policies Current Attempt in Progress Condensed financial data of Swifty Company for 2020 and 2019 are presented below. SWIFTY COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $1,800 $1,130 Receivables 1,750 1,320 Inventory 1,630 1,890 Plant assets 1,910 1,720 Accumulated depreciation (1,190) (1,170) Long-term investments (held-to-maturity) 1,280 1,410 $7,180 $6,300 Accounts payable $1,230 $910 Accrued liabilities 190 240
Bonds payable 1,400 1,540 Common stock 1,930 1,680 Retained earnings 2,430 1,930 $7,180 $6,300 SWIFTY COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,890 Cost of goods sold 4,730 Gross margin 2,160 Selling and administrative expenses 940 Income from operations 1,220 Other revenues and gains Gain on sale of investments 90 Income before tax 1,310 Income tax expense 550
Net income 760 Cash dividends 260 Income retained in business $500 Additional information: During the year, $60 of common stock was issued in exchange for plant assets. No plant assets were sold in 2020. Prepare a statement of cash flows 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).)