Please do not give solution in image format thanku Adjustments to reconcile net income toeTextbook and MediaSave for LaterSWIFTY COMPANYSTATEMENT OF CASH FLOWS(Indirect Method)$$Attempts: 0 of 3 usedSubmit Answer Current Attempt in ProgressCondensed financial data of Swifty Company for 2025 and 2024 are presented below.CashReceivablesInventoryPlant assetsSwifty CompanyComparative Balance SheetAs of December 31, 2025 and 20242025$1,8101,7401,630Accumulated depreciationLong-term investments (held-to-maturity)Accounts payableAccrued liabilitiesBonds payableCommon stockRetained earningsSwifty CompanyIncome StatementFor the Year Ended December 31, 2025Sales revenueCost of goods soldGross marginSelling and administrative expenseIncome from operationsOther revenues and gainsGain on sale of investmentsIncome before taxIncome tax expenseNet incomeCash dividendsIncome retained in business$6,9604,7802,1809201,260801,340550790260$5301,9101,280$1,22019020241,420$1,160(1,220) (1,180)1,420$7,150 $6,3201,3101,8901,720$9202401,5801,9401,7302,3801,850$7,150 $6,320Additional information:During the year, $70 of common stock was issued in exchange for plant assets. No plant assets were sold in 2025.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 inparenthesis eg. (15,000))

The cash flow statement is the financial statement of the business. It records the cash flow from…

Swifty Company Comparative Balance Sheet As of December 31, 2025 and 2024 2025 $1,810 Receivables 1,740 Inventory 1,630 Plant assets 1,910 Accumulated depreciation (1,220) Long-term investments (held-to-maturity) 1,280 Cash Accounts payable Accrued liabilities Bonds payable Common stock Retained earnings Swifty Company Income Statement For the Year Ended December 31, 2025 $6,960 4,780 2,180 920 Sales revenue Cost of goods sold Gross margin Selling and administrative expense Income from operations Other revenues and gains Gain on sale of investments Income before tax Income tax expense Net income Cash dividends Income retained in business 1,260 80 $1,220 190 1,420 1,940 1,720 (1,180) 1,420 $7,150 $6,320 2,380 $7,150 2024 $1,160 1,310 1,340 550 790 260 $530 1,890 $920 240 1,580 1,730 1,850 $6,320

Swifty Company Comparative Balance Sheet As of December 31, 2025 and 2024 2025 $1,810 Receivables 1,740 Inventory 1,630 Plant assets 1,910 Accumulated depreciation (1,220) Long-term investments (held-to-maturity) 1,280 Cash Accounts payable Accrued liabilities Bonds payable Common stock Retained earnings Swifty Company Income Statement For the Year Ended December 31, 2025 $6,960 4,780 2,180 920 Sales revenue Cost of goods sold Gross margin Selling and administrative expense Income from operations Other revenues and gains Gain on sale of investments Income before tax Income tax expense Net income Cash dividends Income retained in business 1,260 80 $1,220 190 1,420 1,940 1,720 (1,180) 1,420 $7,150 $6,320 2,380 $7,150 2024 $1,160 1,310 1,340 550 790 260 $530 1,890 $920 240 1,580 1,730 1,850 $6,320

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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