Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Your answer is partially correct. Bridgeport Corporation had the following 2020 income statement. Sales revenue $195,000 Cost of goods sold 115,000 Gross profit 80,000 Operating

image text in transcribedimage text in transcribed

Your answer is partially correct. Bridgeport Corporation had the following 2020 income statement. Sales revenue $195,000 Cost of goods sold 115,000 Gross profit 80,000 Operating expenses (includes depreciation of $20,000) 53,000 Net income $27,000 The following accounts increased during 2020: Accounts Receivable $13,000, Inventory $12,000, Accounts Payable $14,000. Prepare the cash flows from operating activities section of Bridgeport's 2020 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).) Statement of Cash Flows-Indirect Method (Partial) For the Year Ended December 31, 2020 Net Income $ 27000 Adjustments to reconcile net income to A $ 20000 - 13000 - 12000 14000 $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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 Accounting A Critical Approach

Authors: John Friedlan

4th edition

1259066525, 978-1259066528

Students also viewed these Accounting questions