Current Attempt in Progress Bridgeport Ltd. shows a patent on its statement of financial position. At its year end of October 31, 2022, the caption read Patent (net) $73,500 and at its year end of October 31, 2023, the caption read Patent (net) $47,000. Bridgeport's recorded amortization on the patent in the amount of $5,100 for the 2023 fiscal year and the remaining change in the account resulted from recording a loss on impairment for the year ended October 31, 2023. There were no purchases or sales of patents during the year. Determine the necessary caption(s) and amount(s) that should appear on Bridgeport's statement of cash flows, using the indirect method. Indicate where the item(s) would appear on the statement (the operating, investing, or financing section(s)). (Show amounts that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis e.g. (15,000).)
Current Attempt in Progress Bridgeport Ltd. shows a patent on its statement of financial position. At its year end of October 31, 2022, the caption read Patent (net) $73,500 and at its year end of October 31, 2023, the caption read Patent (net) $47,000. Bridgeport's recorded amortization on the patent in the amount of $5,100 for the 2023 fiscal year and the remaining change in the account resulted from recording a loss on impairment for the year ended October 31, 2023. There were no purchases or sales of patents during the year. Determine the necessary caption(s) and amount(s) that should appear on Bridgeport's statement of cash flows, using the indirect method. Indicate where the item(s) would appear on the statement (the operating, investing, or financing section(s)). (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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Question
Transcribed Image Text:VICHIURGICS
Current Attempt in Progress
Bridgeport Ltd. shows a patent on its statement of financial position. At its year end of October 31, 2022, the caption read
Patent (net) $73,500 and at its year end of October 31, 2023, the caption read Patent (net) $47,000. Bridgeport's recorded
amortization on the patent in the amount of $5,100 for the 2023 fiscal year and the remaining change in the account resulted
from recording a loss on impairment for the year ended October 31, 2023. There were no purchases or sales of patents during
the year.
Determine the necessary caption(s) and amount(s) that should appear on Bridgeport's statement of cash flows, using the
indirect method. Indicate where the item(s) would appear on the statement (the operating, investing, or financing section(s)).
(Show amounts that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis e.g. (15,000).)
Bridgeport Ltd.
Statement of Cash Flow (Partial)
For the Year Ended October 31, 2023
Adjustments to reconcile net income to
=SUPPORT
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