Exercise 5-14 Your answer is partially correct. Try again. The comparative balance sheets of Bridgeport Inc. at the beginning and the end of the year 2017 are as follows. BRIDGEPORT INC. BALANCE SHEETS Dec. 31, 2017 Jan. 1, 2017 Inc./Dec. Assets Cash $ 46,480 $ 14,480 $32,000 Inc. Accounts receivable 94,200 89,720 4,480 Inc. Equipment 42,200 23,720 18,480 Inc. Less: Accumulated Depreciation-Equipment 20,200 11,000 9,200 Inc. Total $162,680 $116,920 Liabilities and Stockholders' Equity Accounts payable $ 23,200 $ 16,720 6,480 Inc. Common stock 101,480 81,720 19,760 Inc Retained earnings 38,000 18,480 19,520 Inc. Total $162,680 $116,920 Net income of $47,200 was reported, and dividends of $27,680 were paid in 2017. New equipment was purchased and none was sold. Prepare a statement of cash flows for the year 2017. (Show amount that Net income of $47,200 was reported, and dividends of $27,680 were paid in 2017. New equipment was purchased and none was sold. 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).) BRIDGEPORT INC. Statement of Cash Flows For the Year Ended December 31, 2017 Cash Flows from Operating Activities Net Income 47,200 Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense 9,200 Increase in Accounts Payable HHO 6,480 Increase in Accounts Receivable (4.480) 11,200 Net Cash Provided by Operating Activities 58.400 Cash Flows from Investing Activities Purchase of Equipment (18,480) Cash Flows from Financing Activities Issuance of Common Stock 19,760 Payment of Cash Dividends (27,680) x3 Net Cash Used by Financing Activities 47,440 Net Increase in Cash ho Cash at Beginning of Year 7,920 X Cash at End of Year 19,120