Swifty Corporation reported the following information for 2019. Sales revenue Cost of goods sold Operating expenses Interest

Swifty Corporation reported the following information for 2019.
  

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Sales revenue Cost of goods sold Operating expenses Interest expense Loss on disposal of equipment Income before income taxes Income tax expense Net income Additional information: 1. 2. Swifty Corporation Income Statement For the Year Ended December 31, 2022 3. 4. 5. 6. $380,000 184,800 9,600 1,600 $752,800 576,000 176,800 52,000 $124,800 Operating expenses include depreciation expense of $32,000. Land was sold at its book value for cash. Cash dividends of $68,000 were declared and paid in 2022. Equipment with a cost of $132,800 was purchased for cash. Equipment with a cost of $40,800 and a book value of $28,800 was sold for $27,200 cash. Bonds of $40,000 were redeemed at their face value for cash. Common stock ($1 par) of $136,000 was issued for cash. Sales revenue Cost of goods sold Operating expenses Interest expense Loss on disposal of equipment Income before income taxes Income tax expense Net income Additional information: 1. 2. Swifty Corporation Income Statement For the Year Ended December 31, 2022 3. 4. 5. 6. $380,000 184,800 9,600 1,600 $752,800 576,000 176,800 52,000 $124,800 Operating expenses include depreciation expense of $32,000. Land was sold at its book value for cash. Cash dividends of $68,000 were declared and paid in 2022. Equipment with a cost of $132,800 was purchased for cash. Equipment with a cost of $40,800 and a book value of $28,800 was sold for $27,200 cash. Bonds of $40,000 were redeemed at their face value for cash. Common stock ($1 par) of $136,000 was issued for cash.

Answer rating: 100% (QA)

Swifty Corporation Statement of Cash Flows for the Year Ended December 31 2022 Operating Activities Net Income 124800 Adjustments to reconcile net inc... View the full answer