Comprehensive Accounting Cycle Review 8 Bridgeport Corp.s balance sheet at December 31, 2016, is presented below.Bridgeport Corp.s balance sheet at December 31, 2016, is presented below.

Bridgeport Corp. Balance Sheet December 31, 2016
Cash		$13,270			Accounts payable		$9,520
Accounts receivable		20,200			Common stock		22,000
Allowance for doubtful accounts		(790	)		Retained earnings		10,770
Inventory		9,610
		$42,290					$42,290

During January 2016, the following transactions occurred. Bridgeport Corp. uses the perpetual inventory method.

Jan. 1		Bridgeport Corp. accepted a 4-month, 8% note from Betheny Company in payment of Bethenys $6,000 account.
3		Bridgeport Corp. wrote off as uncollectible the accounts of Walter Corporation ($500) and Drake Company ($300).
8		Bridgeport Corp. purchased $16,810 of inventory on account.
11		Bridgeport Corp. sold for $22,600 on account inventory that cost $16,040.
15		Bridgeport Corp. sold inventory that cost $740 to Jack Rice for $900. Rice charged this amount on his Visa First Bank card. The service fee charged Bridgeport Corp. by First Bank is 3%.
17		Bridgeport Corp. collected $24,500 from customers on account.
21		Bridgeport Corp. paid $17,450 on accounts payable.
24		Bridgeport Corp. received payment in full ($300) from Drake Company on the account written off on January 3.
27		Bridgeport Corp. purchased advertising supplies for $1,480 cash.
31		Bridgeport Corp. paid other operating expenses, $3,190.

Adjustment data:

1.		Interest is recorded for the month on the note from January 1.
2.		Bad debts are expected to be 6% of the January 31, 2017, accounts receivable.
3.		A count of advertising supplies on January 31, 2017, reveals that $550 remains unused.
4.		The income tax rate is 30%. (Hint: Prepare the income statement up to Income before taxes and multiply by 30% to compute the amount; round to whole dollars.)

Prepare a retained earnings statement for the month ending January 31, 2017. (Round answers to 0 decimal places, e.g. 1,250.) Bridgeport Corp. Retained Earnings Statement V $ SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare classified balance sheet as of January 31, 2017. (List current assets in order of liquidity. Round answers to 0 decimal places, e.g. 1,250.) Bridgeport Corp. Balance Sheet Assets $ Prepare an adjusted trial balance at January 31, 2017. (Round answers to 0 decimal places, e.g. 1,250.) Bridgeport Corp. Adjusted Trial Balance Debit Credit $ $ Prepare an income statement. (Round answers to 0 decimal places, e.g. 1,250.) Bridgeport Corp. Income Statement $ $ > $