Question
The comparative balance sheets of Bridgeport Inc. at the beginning and the end of the year 2020 are as follows. BRIDGEPORT INC. BALANCE SHEETS Dec.
The comparative balance sheets of Bridgeport Inc. at the beginning and the end of the year 2020 are as follows. BRIDGEPORT INC. BALANCE SHEETS Dec. 31, 2020 Jan. 1, 2020 Inc./Dec. Assets Cash Accounts receivable $47,140 95,670 $ 15,140 $32,000 Inc. 90,530 5,140 Inc. Equipment 43,670 24,530 19,140 Inc. Less: Accumulated Depreciation-Equipment 21,670 11,000 10,670 Inc. Total $164,810 $119,200 Liabilities and Stockholders' Equity Accounts payable $24,670 $ 17,530 7,140 Inc. Common stock 102,140 Retained earnings Total 38,000 $164,810 82,530 19,140 $119,200 19,610 Inc. 18,860 Inc. Net income of $48,670 was reported, and dividends of $29,810 were paid in 2020. New equipment was purchased and none was sold. Prepare a statement of cash flows for the year 2020. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Adjustments to reconcile net income to BRIDGEPORT INC. Statement of Cash Flows $ $ $
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