Problem 12-7A (Part Level Submission) Presented below are the financial statements of Swifty Corporation Swifty Corporation Comparative Balance Sheets December 31, 2017 2016 Assets Cash 60,550 34,600 24,220 Accounts receivable 34,600 Inventory 48,440 34,600 134,940 Property, plant, and equipment 103,800 Accumulated depreciation (55,360) (41,520) Total 300 $186,840 Liabilities and Stockholders' Equity Accounts payable 32,870 25,950 Income taxes payable 12,110 13,840 Bonds payable 29,410 57,090 Common Stock 40 24,220 86,500 Retained earnings 65,740 $192,030 $186,840 Tota Swifty Corporation Income Statement For the Year Ended December 31, 2017 $418,660 Sales revenue 302,750 Cost of goods sold Gross profit 115,910 Selling expenses $31,1 40 Administrative expenses 10,380 41,520 74,390 Income from operations Interest expense 5,190 Income before income taxes 69,200 Income tax expense 13,840