Reference no: EM132574244

The comparative balance sheets of Swifty Inc. at the beginning and the end of the year 2017 are as follows.

SWIFTY INC.

BALANCE SHEETS

                                                          Dec. 31, 2017         Jan. 1, 2017           Inc./Dec.

AssetsCash                             $ 46,260                       $ 14,260         $32,000

Inc.Accounts receivable                94,980                        90,720          4,260

Inc.Equipment                                   42,980                     24,720         18,260

Inc.Less: Accumulated Depreciation-Equipment 20,980                11,000         9,980

Inc. Total                                          $163,240                     $118,700

Liabilities and Stockholders' Equity

Accounts payable                                     $ 23,980                $ 17,720            6,260

Inc.Common stock                                 101,260                        82,720             18,540

Inc.Retained earnings                                  38,000                   18,260              19,740

Inc. Total                                               $163,240                    $118,700

Net income of $47,980 was reported, and dividends of $28,240 were paid in 2017. New equipment was purchased and none was sold.

Question 1: Prepare a statement of cash flows for the year 2017. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)