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Prepare a statement of cash flows for 2022 using the indirect method. (Show amounts t -15,000 or in parenthesis eg (15,0001) SWIFTY CORPORATION Statement of Cash Flows-Indirect Method V Adjustments to reconcile net income to ecrease con low

Prepare a statement of cash flows for 2022 using the indirect method. (Show amounts t -15,000 or in parenthesis eg (15,0001) SWIFTY CORPORATION Statement of Cash Flows-Indirect Method V Adjustments to reconcile net income to ecrease con low

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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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.
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))
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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