Information from the balance sheet and income statement is given below for Bridgeport Inc., a private company reporting under ASPE,for the year ended December 31.Comparative Balance SheetCashAccounts receivableInventoryInvestments in landProperty, plant, and equipmentAccumulated depreciationAccounts payableAccrued expenses payableBonds payableCommon sharesRetained earningsRevenuesSalesGain on disposal of equipmentExpensesCost of goods soldDepreciation expenseOperating expensesIncome tax expenseInterest expenseProfit for the year3.2024$ 60,25559,02079,235Adjustments to reconcile profit to54,925188,500(32,175)$409,760$34,2557,86591,000162,500114,140$409,760$64,65038,1559,53525,3501,9112023くくくくくく$30,71024,05066,725< < < < < < < < <69,550133,250(26,000)$298,285$31,38012,24045,500130,00079,165$298,285Additional information:1. Investments in land were sold at cost during 2024.2. Equipment costing $36,400 was sold for $10,110, resulting in a gain.Common shares were issued in exchange for some equipment during the year. No other shares were issued.The remaining purchases of equipment were paid for in cash.$193,375$Prepare a cash flow statement for the year ended December 31, 2024, using the indirect method. (Show amounts that decrease cash flowwith either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).)5,690199,065139,601$59,464BRIDGEPORT INC.Cash Flow Statement - Indirect MethodFor the Year Ended December 31, 2024V$

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Description: Information from the balance sheet and income statement is given below for Bridgeport Inc., a private company reporting under ASPE,for the year ended December 31.Comparative Balance SheetCashAccounts receivableInventoryInvestments in landProperty, p

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Information from the balance sheet and income statement is given below for Bridgeport Inc., a private company reporting under for the year ended December 31. Comparative Balance Sheet Cash Accounts receivable Inventory Investments in land Property, plant, and equipment Accumulated depreciation Accounts payable Accrued expenses payable Bonds payable Common shares Retained earnings Revenues Sales Gain on disposal of equipment Expenses Cast of goods sold Depreciation expense Operating expenses Income tax expense Interest expense Profit for the year 2024 $ 60,255 59,020 79,235 54,925 188,500 (32,175) $409,760 $34.255 7,865 91.000 $64,650 38,155 9,535 (26,000) $298.285 $31,380 12,240 45.500 162,500 130.000 114,140 79,165 $409,760 $298.285 25,350 2023 $30,710 24.050 66,725 1,911 69.550 133.250 $193,375 5.690 199,065 139,601 $59,464

Information from the balance sheet and income statement is given below for Bridgeport Inc., a private company reporting under for the year ended December 31. Comparative Balance Sheet Cash Accounts receivable Inventory Investments in land Property, plant, and equipment Accumulated depreciation Accounts payable Accrued expenses payable Bonds payable Common shares Retained earnings Revenues Sales Gain on disposal of equipment Expenses Cast of goods sold Depreciation expense Operating expenses Income tax expense Interest expense Profit for the year 2024 $ 60,255 59,020 79,235 54,925 188,500 (32,175) $409,760 $34.255 7,865 91.000 $64,650 38,155 9,535 (26,000) $298.285 $31,380 12,240 45.500 162,500 130.000 114,140 79,165 $409,760 $298.285 25,350 2023 $30,710 24.050 66,725 1,911 69.550 133.250 $193,375 5.690 199,065 139,601 $59,464

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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