Swift, Inc. is a global engineering consultancy company headquartered in Toronto, Canada. The following is a reproduction of the terms and amounts in the financial statements contained in the company’s annual report for the fiscal year ended December 31, 2020 (in millions): 

Choose the relevant data and prepare the income statement for the fiscal year. The final three lines of the income statement should be labeled earnings before income taxes, income tax provision, and net income. Also, using the retained earnings account, compute the amount of cash dividends paid during the fiscal year ending December 31, 2020.

Transcribed Image Text:

Net revenue Cash Interest and other expenses Income tax provision Accounts payable Research and development C$124,142 Retained earnings at the beginning of the 27,704 382 1,496 23,312 1,712 year Cost of products and services Retained earnings at end of year Selling and administrative expenses C$49,488 96,520 56,472 17,048