Additional information:
New equipment costing $60,940 was purchased for cash during the year.
The increase in intangible assets is related to legal fees incurred to trademark new packaging designs.
Accounts payable relate only to merchandise creditors.
Operating expenses included wages expense of $36,490.
Interest expense was paid in cash during the year.
Prepare the Statement of Cash Flow for Swifty, Inc. using the indirect method. Assume Swifty follows IFRS and has chosen to classify
interest paid and collected as operating activities and dividends received as operating activities while dividends paid are financing activities. (Show amounts that decrease cash flow with either a sign e.g. -15,000 or in parenthesis e.g. (15,000) )
Assets
2024 2023
$80,437 $46,800
76,100 70,690
136,870 141,020
7,410 279,300
273,600 (84,930) (82,080)
61,770 52,440
$554,957 $509,530
Intangible assets
Accounts payable
$53,350 $46,740
19,380 17,670
1,430 2,000
108,300 125,400
199,500 105,665
172,997 118,220
$554,957 $509,530
Sales revenue
Cost of goods sold
$624,660 393,300
231,360 43,890
53,010 8,150
105,050
Profit
Profit before tax
123,200 36,960
$86,240
(15,000)
