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Prepare a Classified balance Sheet as of december 31,2022 thank you ! Bridgeport Corp.'s balance sheet at December 31, 2021, is presented below. During 2022,
Prepare a Classified balance Sheet as of december 31,2022 thank you !
Bridgeport Corp.'s balance sheet at December 31, 2021, is presented below. During 2022, the following transactions occurred. 1. On January 1, Bridgeport issued 960 shares of $40 par, 7% preferred stock for $39,360. 2. On January 1, Bridgeport also issued 720 shares of the $10 par value common stock for $16,800. 1. On January 1, Bridgeport issued 960 shares of $40 par, 7% preferred stock for $39,360. 2. On January 1 , Bridgeport also issued 720 shares of the $10 par value common stock for $16,800. 3. Bridgeport performed services for $256,000 on account. 4. On April 1, 2022, Bridgeport collected fees of $28,800 in advance for services to be performed from April 1, 2022, to Ma 31,2023. 5. Bridgeport collected $220.800 from customers on account. 6. Bridgeport bought $28,080 of supplies on account. 7. Bridgeport paid $25,760 on accounts payable. 8. Bridgeport reacquired 320 shares of its common stock on June 1 for $28 per share. 9. Paid other operating expenses of $150,560. 10. On December 31, 2022, Bridgeport declared the annual preferred stock dividend and a $1.20 per share dividend on the outstanding common stock, all payable on January 15, 2023. 11. An account receivable of $1,360 which originated in 2022 is written off as uncollectible. Adjustment data: 1. A count of supplies indicates that $4,720 of supplies remain unused at year-end. 2. Recorded revenue from item 4 above. 3. The allowance for doubtful accounts should have a balance of $2,800 at year end. 4. Depreciation is recorded on the building on a straight-line basis based on a 30 -year life and a salvage value of $8,000. 5. The income tax rate is 30%. (Hint: Prepare the income statement up to income before taxes and multiply by 30% to compute the amount.) Step by Step Solution
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