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The income statement of Bridgeport Corp. is presented here. Bridgeport Corp. Income Statement For the Year Ended November 30, 2017 Sales revenue $7,636,400 Cost of
The income statement of Bridgeport Corp. is presented here. Bridgeport Corp. Income Statement For the Year Ended November 30, 2017 Sales revenue $7,636,400 Cost of goods sold Beginning inventory$1,902,800 Purchases Goods available for sale 6.270,500 Ending inventory 4,367,700 1,599,500 Total cost of goods sold Gross profit Operating expenses 4,671,000 2,965,400 Selling expenses Administrative expenses691,300 447,600 1,138,900 $1,826,500 Net income Additional information: 1. 2. 3. Accounts receivable decreased $380,600 during the year, and inventory decreased $303,300. Prepaid expenses increased $147,000 during the year. Accounts payable to suppliers of merchandise decreased $349,500 during the year Accrued expenses payable decreased $99,800 during the year Administrative expenses include depreciation expense of $108,700. 5. Prepare the operating activities section of the statement of cash flows for the year ended November 30, 2017, for Bridgeport Corp., using the indirect method. (Show amounts that decrease cash flow with either a-sign eg.-15,000 or in parenthesis eg. (15,000).) Bridgeport Corp. Partial Statement of Cash Flows Adjustments to reconcile net income to
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