Please do not give solution in image format thanku Net income of $36,100 was reported and dividends of $13,200 were declared and paid in 2023. New equipment was purchased, andequipment with a carrying value of $4,500 (cost of $11,800 and accumulated depreciation of $7,300) was sold for $7.900.Prepare a statement of cash flows using the indirect method for cash flows from operating activities. Assume that Swifty preparesfinancial statements in accordance with ASPE. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis eg(15,000))SWIFTY CORPORATIONStatement of Cash FlowsAdjustments to reconcile net income tonet cash provided by operating activities: AssetsCashAccounts receivableEquipmentLess: Accumulated depreciationTotalLiabilities and Shareholders' EquityAccounts payableCommon sharesSWIFTY CORPORATIONStatement of Financial PositionDecember 31Retained earningsTotal2023December 31$52,00090,80027,900(10,300)$160,400$20,400100,00040,000$160,4002022$11,10088,80021,100(10,400)$110,600$14,10079,40017,100$110,600

Statement of cash flows is one of important financial statement being prepared in business. It shows…

quipmen Net income of $36,100 was reported and dividends of $13,200 were declared and paid in 2023. Ne equipment with a carrying value of $4,500 (cost of $11,800 and accumulated depreciation of $7,300) was sold for $7.900. Prepare a statement of cash flows using the indirect method for cash flows from operating activities. Assume that Swifty prepares financial statements in accordance with ASPE. (Show amounts that decrease cash flow with either a-sign eg-15,000 or in parenthesis e (15,000)) SWIFTY CORPORATION Statement of Cash Flows Adjustments to reconcile net income to net cash provided by operating activities:

quipmen Net income of $36,100 was reported and dividends of $13,200 were declared and paid in 2023. Ne equipment with a carrying value of $4,500 (cost of $11,800 and accumulated depreciation of $7,300) was sold for $7.900. Prepare a statement of cash flows using the indirect method for cash flows from operating activities. Assume that Swifty prepares financial statements in accordance with ASPE. (Show amounts that decrease cash flow with either a-sign eg-15,000 or in parenthesis e (15,000)) SWIFTY CORPORATION Statement of Cash Flows Adjustments to reconcile net income to net cash provided by operating activities:

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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