Bridgeport Company's reported 2023 net income of $118,200 was based on sales of $578,000, cost of goods sold of $198,000, salaries and wages of $152,000, depreciation expense of $52,000, and income tax expense of $57,800. During 2023, accounts receivable increased by $13,700 and accounts payable increased by $10,600. Prepare the cash flows from operating activities section of the statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis e.g. (15,000).)
Bridgeport Company's reported 2023 net income of $118,200 was based on sales of $578,000, cost of goods sold of $198,000, salaries and wages of $152,000, depreciation expense of $52,000, and income tax expense of $57,800. During 2023, accounts receivable increased by $13,700 and accounts payable increased by $10,600. Prepare the cash flows from operating activities section of the statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis e.g. (15,000).)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Bridgeport Company's reported 2023 net income of $118,200 was based on sales of $578,000, cost of goods sold of $198,000,
salaries and wages of $152,000, depreciation expense of $52,000, and income tax expense of $57,800. During 2023, accounts
receivable increased by $13,700 and accounts payable increased by $10,600.
Prepare the cash flows from operating activities section of the statement of cash flows using the direct method. (Show amounts that
decrease cash flow with either a - -sign e.g. -15,000 or in parenthesis e.g. (15,000).)
Cash Flows from Operating Activities
Cash Received from Customers
Cash Paid to Suppliers
Cash Paid to Employees
Taxes Paid
Cash Flows from Operating Activities
BridgeportCompany
Statement of Cash Flows (Partial)
$
tA
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