Bridgeport Corporation’s balance sheet at the end of 2019 included the following items.Current assets (Cash $82,000) $236,480 Current liabilities $151,480Land 32,960 Bonds payable 101,480Buildings 121,480 Common stock 182,960Equipment 92,960 Retained earnings 46,960Accum. depr.-buildings (31,480) Total $482,880Accum. depr.-equipment (11,000) Patents 41,480 Total $482,880 The following information is available for 2020.1. Net income was $54,810.2. Equipment (cost $21,480 and accumulated depreciation $9,480) was sold for $11,480.3. Depreciation expense was $5,480 on the building and $10,480 on equipment.4. Patent amortization was $2,500.5. Current assets other than cash increased by $29,000. Current liabilities increased by $14,480.6. An addition to the building was completed at a cost of $28,480.7. A long-term investment in stock was purchased for $16,000.8. Bonds payable of $52,960 were issued.9. Cash dividends of $30,000 were declared and paid.10. Treasury stock was purchased at a cost of $11,000. BRIDGEPORT CORPORATIONStatement of Cash FlowsAdjustments to reconcile net income to%24%24>>>>>> >>>>>>>>>

Cash flow statement is a statement which shows all cash inflows and cash outflows of business for…

Answered: Bridgeport Corporation’s balance sheet…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Bridgeport Corporation’s balance sheet at the end of 2019 included the following items.

Current assets (Cash $82,000)	$236,480		Current liabilities	$151,480
Land	32,960		Bonds payable	101,480
Buildings	121,480		Common stock	182,960
Equipment	92,960		Retained earnings	46,960
Accum. depr.-buildings	(31,480	)	Total	$482,880
Accum. depr.-equipment	(11,000	)
Patents	41,480
Total	$482,880

The following information is available for 2020.

1.		Net income was $54,810.
2.		Equipment (cost $21,480 and accumulated depreciation $9,480) was sold for $11,480.
3.		Depreciation expense was $5,480 on the building and $10,480 on equipment.
4.		Patent amortization was $2,500.
5.		Current assets other than cash increased by $29,000. Current liabilities increased by $14,480.
6.		An addition to the building was completed at a cost of $28,480.
7.		A long-term investment in stock was purchased for $16,000.
8.		Bonds payable of $52,960 were issued.
9.		Cash dividends of $30,000 were declared and paid.
10.		Treasury stock was purchased at a cost of $11,000.

BRIDGEPORT CORPORATION
Statement of Cash Flows
Adjustments to reconcile net income to
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Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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