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need this ASAP please! Bridgeport Corp. Comparative Balance Sheets December 31 Assets 2021 Cash $ 129,280 $ 77,440 Accounts receivable 140,480 60,800 Inventory 180,000 Prepaid
need this ASAP please!
Bridgeport Corp. Comparative Balance Sheets December 31 Assets 2021 Cash $ 129,280 $ 77,440 Accounts receivable 140,480 60,800 Inventory 180,000 Prepaid expenses 45,440 164,560 41,600 174,400 Long-term investments 220,800 Plant assets 456,000 388,000 Accumulated depreciation (80,000) $1,092,000 (83,200 ) $823,600 Total Liabilities and Stockholders' Equity Accounts payable $ 163,200 $ 107,680 Accrued expenses payable 26,400 Bonds payable 176,000 352,000 33,600 233,600 280,000 Common stock Retained earnings 374,400 $1.092.000 Total 168.720 $823,600 Bridgeport Corp. Income Statement Data For the Year Ended December 31, 2022 Sales revenue $621,536 Less: Cost of goods sold $216,736 Operating expenses, excluding depreciation 19,856 Depreciation expense 74,400 Income tax expense 43,648 Interest expense 7.568 Loss on disposal of plant assets 12,000 374,208 $ 247,328 Net Income Additional information: 1. New plant assets costing $160,000 were purchased for cash during the year. 2. Old plant assets having an original cost of $92,000 and accumulated depreciation of $77,600 were sold for $2,400 cash. 3. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of $41,648 was declared and paid during the year. Further analysis reveals that accounts payable pertain to merchandise creditors. Prepare a statement of cash flows for Bridgeport Corp, using the direct method. (Show amounts in the investing and financing sections that decrease flow with either a sign e g. -15,000 or in parenthesis e.g. (15,0001) Bridgeport Corp. Statement of Cash Flows For the Year Ended December 31, 2022 Step by Step Solution
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