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Accounts payable Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity Additional information: 1. 2. 3. Liabilities and Stockholders' Equity 4. $32,000 43,500 55,000 52,500 $183,000 Net income for the year ending December 31, 2020 was $42,500. Cash dividends of $22,500 were declared and paid during the year. Long-term investments that had a cost of $32,000 were sold for $21,500. Sales for 2020 were $127,500. SWIFTY COMPANY $14,500 60,000 30,500 32,500 $137,500

Accounts payable Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity Additional information: 1. 2. 3. Liabilities and Stockholders' Equity 4. $32,000 43,500 55,000 52,500 $183,000 Net income for the year ending December 31, 2020 was $42,500. Cash dividends of $22,500 were declared and paid during the year. Long-term investments that had a cost of $32,000 were sold for $21,500. Sales for 2020 were $127,500. SWIFTY COMPANY $14,500 60,000 30,500 32,500 $137,500

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Accounts payable Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity Additional information: 1. 2. 3. 4. Net Income Cash Flows from Operating Activities Depreciation Expense Net income for the year ending December 31, 2020 was $42,500. Cash dividends of $22,500 were declared and paid during the year. Long-term investments that had a cost of $32,000 were sold for $21,500. Sales for 2020 were $127,500. Increase in Accounts Receivable Liabilities and Stockholders' Equity Adjustments to reconcile net income to Increase in Inventories Increase in Prepaid Expenses A SWIFTY COMPANY Statement of Cash Flows December 31, 2020 A FO ILL A $32,000 43,500 55,000 ^ 52,500 $183,000 $14,500 $137,500 60,000 30,500 32,500 4
Transcribed Image Text:Accounts payable Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity Additional information: 1. 2. 3. 4. Net Income Cash Flows from Operating Activities Depreciation Expense Net income for the year ending December 31, 2020 was $42,500. Cash dividends of $22,500 were declared and paid during the year. Long-term investments that had a cost of $32,000 were sold for $21,500. Sales for 2020 were $127,500. Increase in Accounts Receivable Liabilities and Stockholders' Equity Adjustments to reconcile net income to Increase in Inventories Increase in Prepaid Expenses A SWIFTY COMPANY Statement of Cash Flows December 31, 2020 A FO ILL A $32,000 43,500 55,000 ^ 52,500 $183,000 $14,500 $137,500 60,000 30,500 32,500 4
17-18) Question 6 of 16 < > A comparative balance sheet for Swifty Company appears below: SWIFTY COMPANY Comparative Balance Sheet Assets Cash Accounts receivable Inventory Prepaid expenses Long-term investments Equipment Accumulated depreciation-equipment Total assets Dec. 31, 2020 $49,000 33,000 40,000 Accounts payable Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity 13,500 0 82,500 (35,000) Liabilities and Stockholders' Equity $183,000 $32,000 43,500 55,000 52,500 $183,000 Dec. 31, 2019 $18,500 20,500 24,500 24,000 32,000 40,500 (22,500) $137,500 $14,500 60,000 30,500 32,500 $137,500
Transcribed Image Text:17-18) Question 6 of 16 < > A comparative balance sheet for Swifty Company appears below: SWIFTY COMPANY Comparative Balance Sheet Assets Cash Accounts receivable Inventory Prepaid expenses Long-term investments Equipment Accumulated depreciation-equipment Total assets Dec. 31, 2020 $49,000 33,000 40,000 Accounts payable Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity 13,500 0 82,500 (35,000) Liabilities and Stockholders' Equity $183,000 $32,000 43,500 55,000 52,500 $183,000 Dec. 31, 2019 $18,500 20,500 24,500 24,000 32,000 40,500 (22,500) $137,500 $14,500 60,000 30,500 32,500 $137,500
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