Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help with these accounting problems. Work attached The current sections of Bridgeport Corp.'s balance sheets at December 31, 2016 and 2017, are presented here.

Please help with these accounting problems. Work attached

image text in transcribed The current sections of Bridgeport Corp.'s balance sheets at December 31, 2016 and 2017, are presented here. Bridgeport Corp.'s net income for 2017 was $153,459. Depreciation expense was $27,081. 2017 2016 Current assets Cash $105,315 Accounts receivable $ 99,297 80,240 89,267 168,504 Inventory 172,516 Prepaid expenses 27,081 22,066 Total current assets $381,140 $383,146 $ 15,045 $ 5,015 Current liabilities Accrued expenses payable Accounts payable 85,255 92,276 $100,300 Total current liabilities $ 97,291 Prepare the net cash provided (used) by operating activities section of the company's statement of cash flows for the year ended December 31, 2017, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Bridgeport Corp. Partial Statement of Cash Flows $ Adjustments to reconcile net income to $ $ Don't show me this message again for the assignment Exercise 12-5 The following information is available for Tamarisk, Inc. for the year ended December 31, 2017. Beginning cash balance $ 47,205 Accounts payable decrease 3,881 Depreciation expense 169,938 Accounts receivable increase 8,602 Inventory increase 11,539 Net income 298,021 Cash received for sale of land at book value 36,715 Cash dividends paid 12,588 Income taxes payable increase 4,930 Cash used to purchase building 303,161 Cash used to purchase treasury stock 27,274 Cash received from issuing bonds 209,800 Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Tamarisk, Inc. Statement of Cash FlowsIndirect Method $ Adjustments to reconcile net income to $ $ Exercise 12-7 Shown below are comparative balance sheets for Waterway Industries. Waterway Industries Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Land 2017 $ 74,460 2016 $ 24,090 96,360 83,220 182,865 206,955 87,600 109,500 Equipment 284,700 219,000 Accumulated depreciationequipment (72,270 ) Total (35,040 ) $653,715 $607,725 Liabilities and Stockholders' Equity Accounts payable $ 42,705 $ 47,085 Bonds payable 164,250 219,000 Common stock ($1 par) 236,520 190,530 Retained earnings 210,240 151,110 $653,715 $607,725 Total Additional information: 1. 2. 3. 4. 5. 6. 7. Net income for 2017 was $101,835. Depreciation expense was $37,230. Cash dividends of $42,705 were declared and paid. Bonds payable amounting to $54,750 were redeemed for cash $54,750. Common stock was issued for $45,990 cash. No equipment was sold during 2017. Land was sold for its book value. Prepare a statement of cash flows for 2017 using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000, or in parenthesis e.g. (15,000)). Waterway Industries Statement of Cash Flows $ Adjustments to reconcile net income to $ $ Exercise 12-14 The following information is available for Novak Corp. for 2017. Cash used to purchase treasury stock $ 126,984 Cash dividends paid 57,552 Cash paid for interest 59,136 Net income 1,225,752 Sales revenue 2,117,280 Cash paid for taxes 261,360 Cash received from customers 1,494,504 Cash received from sale of building (at book value) 521,664 Cash paid for operating expenses 203,280 Beginning cash balance 29,040 Cash paid for goods and services 736,824 Cash received from issuing common stock 937,200 Cash paid to redeem bonds at maturity 528,000 Cash paid to purchase equipment 298,848 Prepare a statement of cash flows using the direct method. (Show amounts in the investing and financing sections that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Novak Corp. Statement of Cash FlowsDirect Method $ : $ $

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

Step: 3

blur-text-image

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

Financial And Managerial Accounting

Authors: Jan R. Williams, Joseph V. Carcello, Mark S. Bettner, Sue Haka, Susan F. Haka

14th International Edition

0071101217, 9780071101219

More Books

Students also viewed these Accounting questions