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Presented below are selected ledger accounts of Swifty Corporation as of December 31, 2017. Cash...

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Accounting

Presented below are selected ledger accounts of Swifty Corporation as of December 31, 2017. Cash $51,700 Administrative expenses 100,200 Selling expenses 81,000 Net sales 552,400 Cost of goods sold 260,900 Cash dividends declared (2017) 21,040 Cash dividends paid (2017) 23,700 Discontinued operations (loss before income taxes) 40,900 Depreciation expense, not recorded in 2016 31,500 Retained earnings, December 31, 2016 93,940 Effective tax rate 30% Compute net income for 2017.

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