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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
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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Adjustments to reconcile net income to eTextbook and Media Save for Later SWIFTY COMPANY STATEMENT OF CASH FLOWS (Indirect Method) $ $ Attempts: 0 of 3 used Submit Answer
Transcribed Image Text:Adjustments to reconcile net income to eTextbook and Media Save for Later SWIFTY COMPANY STATEMENT OF CASH FLOWS (Indirect Method) $ $ Attempts: 0 of 3 used Submit Answer
Current Attempt in Progress Condensed financial data of Swifty Company for 2025 and 2024 are presented below. Cash Receivables Inventory Plant assets Swifty Company Comparative Balance Sheet As of December 31, 2025 and 2024 2025 $1,810 1,740 1,630 Accumulated depreciation Long-term investments (held-to-maturity) Accounts payable Accrued liabilities Bonds payable Common stock Retained earnings Swifty Company Income Statement For the Year Ended December 31, 2025 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 $6,960 4,780 2,180 920 1,260 80 1,340 550 790 260 $530 1,910 1,280 $1,220 190 2024 1,420 $1,160 (1,220) (1,180) 1,420 $7,150 $6,320 1,310 1,890 1,720 $920 240 1,580 1,940 1,730 2,380 1,850 $7,150 $6,320 Additional 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 in parenthesis eg. (15,000))
Transcribed Image Text:Current Attempt in Progress Condensed financial data of Swifty Company for 2025 and 2024 are presented below. Cash Receivables Inventory Plant assets Swifty Company Comparative Balance Sheet As of December 31, 2025 and 2024 2025 $1,810 1,740 1,630 Accumulated depreciation Long-term investments (held-to-maturity) Accounts payable Accrued liabilities Bonds payable Common stock Retained earnings Swifty Company Income Statement For the Year Ended December 31, 2025 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 $6,960 4,780 2,180 920 1,260 80 1,340 550 790 260 $530 1,910 1,280 $1,220 190 2024 1,420 $1,160 (1,220) (1,180) 1,420 $7,150 $6,320 1,310 1,890 1,720 $920 240 1,580 1,940 1,730 2,380 1,850 $7,150 $6,320 Additional 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 in parenthesis eg. (15,000))
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