Condensed financial data of Swifty Company for 2020 and 2019 are presented below. SWIFTY COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $1,770 $1,170 Receivables 1,780 1,300 Inventory 1,570 1,880 Plant assets 1,870 1,710 Accumulated depreciation (1,210 ) (1,190 ) Long-term investments (held-to-maturity) 1,290 1,430 $7,070 $6,300 Accounts payable $1,200 $900 Accrued liabilities 200 250 Bonds payable 1,430 1,580 Common stock 1,860 1,730 Retained earnings 2,380 1,840 $7,070 $6,300 SWIFTY COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,820 Cost of goods sold 4,640 Gross margin 2,180 Selling and administrative expenses 910 Income from operations 1,270 Other revenues and gains Gain on sale of investments 80 Income before tax 1,350 Income tax expense 550 Net income 800 Cash dividends 260 Income retained in business $540 Additional information: During the year, $80 of common stock was issued in exchange for plant assets. No plant assets were sold in 2020. Prepare a statement of cash flows using the direct method.

Answer:

Swifty Company

Explanation:

a) Data and Calculations:

SWIFTY COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019                             2020            2019      

Cash                                                   $1,770             $1,170

Receivables                                         1,780              1,300

Inventory                                             1,570              1,880

Plant assets                                        1,870               1,710

Accumulated depreciation               (1,210 )            (1,190 )

Long-term investments

 (held-to-maturity)                            1,290               1,430

Total assets                                    $7,070           $6,300

Accounts payable                           $1,200             $900

Accrued liabilities                               200                250

Bonds payable                                 1,430              1,580

Common stock                                1,860              1,730

Retained earnings                          2,380              1,840

Total liabilities and equity            $7,070           $6,300

SWIFTY COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020

Sales revenue                                   $6,820

Cost of goods sold                             4,640

Gross margin                                       2,180

Selling and administrative expenses    910

Income from operations                     1,270

Other revenues and gains

Gain on sale of investments                  80

Income before tax                              1,350

Income tax expense                            550

Net income                                          800

Cash dividends                                   260

Income retained in business           $540

Additional Information:

a) Issue of Common stock for plant assets = $80

Adjustments for cash transactions:

Receipts:

Customers = $1,300 + $6,820 - $1,780 = $6,340

Sale of investment = $1,430 - $1,290 = $140

Common stock = $1,860 - $1,730 - $80 = $50

Payments:

Suppliers = $900 + $4,330 - $1,200 = $4,030

Expenses = $250 + $910 - $200 = $960

Bonds = $1,580 - $1,430 = $150

Plant = $1,870 - $80 - $1,710 = $80

Purchases = $1,570 + 4,640 - $1,880 = $4,330

Statement of Cash Flows for the year ended December 31, 2020:

Cash flows from operating activities:

Receipt from customers                   $6,340

Payment to suppliers                         (4,030)

Payment for services                           (960)

Income tax expense                            (550)

Net cash from operating activities      800

Cash flows from investing activities:

Receipt from sale of investments      $140

Purchase of plant assets                      (80)

Net cash from investing activities        60

Cash flows from financing activities:

Issue of Common stock                     $50

Payment to bondholders                   (150)

Payment to stockholders                  (260)

Net cash from financing activities    (360)

Net cash flows                                 $500

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Group of answer choices

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The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased.

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Credit Sales Sales Returns
Date Amount Terms Date Amount Date of
Collection
Oct. 3 $600 2/10, n/30 Oct 8
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Oct. 23 2,300 2/10, n/30 Oct. 27 400 Oct. 28
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Selling expenses 104,000
Net sales 702,000
Cost of goods sold 273,000
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Cost Per Room Night (at normal occupancy)
Housekeeping service................................................................$ 23
Utilities............................................................................................7
Amenities........................................................................................3
Hotel depreciation.........................................................................55
Hotel staff (excluding housekeeping)............................................42
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Collection on sales 36,000 41,000 81,000
Cash available for operations
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Ending cash before borrowings or replacements
Short-term finance:
New loans
Repayments
Interest
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The salary Jake could earn if he worked as an accountant
The wholesale cost for the guitars that Jake pays the manufacturer
The rental income Jake could receive if he chose to rent out his showroom
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Profit (Dollars)
Accounting Profit
Economic Profit

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