Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed
image text in transcribed
image text in transcribedneed 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

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Empirical Studies On Economics Of Innovation Public Economics And Management

Authors: Mehmet Huseyin Bilgin, Hakan Danis, Ender Demir, Ugur Can

1st Edition

3319501631, 9783319501635

More Books

Students also viewed these Accounting questions