Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

plz fill all the blanks with values. upvote for sure. Question 5 of 8 -/25 E Current Attempt in Progress Information from the Balance Sheet

plz fill all the blanks with values. upvote for sure. image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Question 5 of 8 -/25 E Current Attempt in Progress Information from the Balance Sheet and Statement of Income are given below for Bridgeport Inc., a private company reporting under ASPE, for the year ended December 31. Comparative Balance Sheet 2021 2020 Cash $100,340 $45,450 Accounts receivable 90,560 35,450 Inventory 121,160 101,850 84.260 106,450 Investments in land Property, plant and equipment Accumulated depreciation 284,360 200,300 (47,210) (38,300) $451,200 $633 470 Accounts payable $51,860 $47,570 Accrued expenses payable 18,870 10,860 140,000 Bonds payable 66,500 Common charer 20 non 199 non Question 5 of 8 Common shares 250,000 188,000 Retained earnings 180,750 130,260 $633,470 $451,200 Revenues Sales $283,000 Gain on disposal of equipment 7,400 290,400 Expenses $95,300 Cost of goods sold Depreciation expense Operating expenses 55,400 13,570 ho Income tax expense 36,100 Interest expense 2,570 202,940 Profit $87,460 0 1 0 Question 5 of 8 -/25 1. Additional Information: Investments in land were sold at cost during 2021. Equipment costing $54,360 was sold for $15,270, resulting in a gain. Common shares were issued in exchange for some equipment during the year. No other shares were issued. The remaining purchases of equipment were paid for in cash. 2. 3. 4. Prepare a Cash Flow Statement for the year ended December 31, 2021 using the direct method. (Show amounts that decrease cash flow with either a - sign eg. -45,000 or in parenthesis eg. (45,000).) BRIDGEPORT INC. Cash Flow Statement - Direct Method For the Year Ended December 31, 2021 Operating Activities Cash Collections From Customers 227890 Cash Payments to Suppliers Cash Payments for Operating Expenses - 17 Question 5 of 8 -/25 Cash Payments for Operating Expenses Cash Payments for Income Taxes V Cash Payments for Interest Net Cash Provided by Operating Activities Proceeds from Sale of Investments Proceeds from Sale of Equipment Net Cash Used by Investing Activities Financing Activities Issuance of Bonds Payable Question 5 of 8 -/25 Proceeds from Sale of Equipment Net Cash Used by Investing Activities V Financing Activities Issuance of Bonds Payable Payment of Cash Dividends Net Cash Provided by Financing Activities Net Increase in Cash Cash, January 1 Cash. December 31 Note X: Significant noncash investing and financing activities: Equipment with a cost of $ was exchanged for common shares 27C Weather alert G O Atc

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 For Decision Makers

Authors: Michelle Hanlon, Robert Magee, Glenn Pfeiffer, Thomas Dyckman

4th Edition

1618533614, 9781618533616

More Books

Students also viewed these Accounting questions

Question

Be prepared to address excessive absenteeism

Answered: 1 week ago