Homework Answers
Requirement (a):
| Swifty Corporation | ||
| Statement of Cash Flows | ||
| For the year ended December 31,2017 | ||
| Cash flows from Operating activities: | ||
| Net income | $55,360 | |
| Adjustments to reconcile net income to | ||
| Net Cash Provided by Operating Activities: | ||
| Depreciation expense | $30,275 | |
| Increase in accounts receivable | ($10,380) | |
| Increase in Inventory | ($13,840) | |
| Increase in accounts payable | $6,920 | |
| Decrease in income taxes payable | ($1,730) | |
| $11,245 | ||
| Net cash used by operating activities | $66,605 | |
| Cash flows form investing activities: | ||
| Sale of equipment | $14,705 | |
| Cash flows form financing activities: | ||
| Issuance of common stock | $6,920 | |
| Redemption of bonds | ($27,680) | |
| Payment of Dividends | ($34,600) | |
| Net cash used by financing activities | ($55,360) | |
| Net increase in cash | $25,950 | |
| Cash at Beginning of Period | $34,600 | |
| Cash at End of Period | $60,550 | |
Requirement (b):
Free cash flows = Cash flows from Operating activities - Capital expenditure
Free cash flows = $66,605 - $0
Free cash flows = $66,605
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