FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Swifty Corporation's comparative balance sheets are presented below.
Cash
Accounts receivable
La
Buildings
Accumulated depreciation-buildings
Total
Accounts payable
Common stock
SWIFTY CORPORATION
Comparative Balance Sheets
December 31
Retained earnings
Total
Additional information:
1
2.
3.
2022
$14,600
20,800
19,800
70,000
(15,300)
$109,900
$12.100
74.900
22.900
$109.900
2021
$10,000
23,600
25,600
70,000
(10,900)
$118,300
$27,800
71,000
19,500
$118,300
Net income was $22,600. Dividends declared and paid were $19,200.
No noncash investing and financing activities occurred during 2022.
The land was sold for cash of $4,500.
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Transcribed Image Text:Swifty Corporation's comparative balance sheets are presented below. Cash Accounts receivable La Buildings Accumulated depreciation-buildings Total Accounts payable Common stock SWIFTY CORPORATION Comparative Balance Sheets December 31 Retained earnings Total Additional information: 1 2. 3. 2022 $14,600 20,800 19,800 70,000 (15,300) $109,900 $12.100 74.900 22.900 $109.900 2021 $10,000 23,600 25,600 70,000 (10,900) $118,300 $27,800 71,000 19,500 $118,300 Net income was $22,600. Dividends declared and paid were $19,200. No noncash investing and financing activities occurred during 2022. The land was sold for cash of $4,500.
Prepare a statement of cash flows for 2022 using the indirect method. (Show amounts that decrease cash flow with either a-sign eg
-15,000, or in parenthesis eg (15,0001)
SWIFTY CORPORATION
Statement of Cash Flows-Indirect Method
V
Adjustments to reconcile net income to
Free cash flow $
v
3
3
V
4
4
V
V
V
♥
✔
V
$
Compute free cash flow. (Enter negative amount using either a negative sign preceding the number eg.-45 or parentheses eg (45))
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Transcribed Image Text:Prepare a statement of cash flows for 2022 using the indirect method. (Show amounts that decrease cash flow with either a-sign eg -15,000, or in parenthesis eg (15,0001) SWIFTY CORPORATION Statement of Cash Flows-Indirect Method V Adjustments to reconcile net income to Free cash flow $ v 3 3 V 4 4 V V V ♥ ✔ V $ Compute free cash flow. (Enter negative amount using either a negative sign preceding the number eg.-45 or parentheses eg (45))
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