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
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter16: Financial Statement Analysis
Section: Chapter Questions
Problem 24E
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![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 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
Cost of goods sold
Depreciation expense
Operating expenses
Income tax expense
Interest expense
Profit for the year
3.
2024
$ 60,255
59,020
79,235
Adjustments to reconcile profit to
54,925
188,500
(32,175)
$409,760
$34,255
7,865
91,000
162,500
114,140
$409,760
$64,650
38,155
9,535
25,350
1,911
2023
くくくくくく
$30,710
24,050
66,725
< < < < < < < < <
69,550
133,250
(26,000)
$298,285
$31,380
12,240
45,500
130,000
79,165
$298,285
Additional 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 flow
with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).)
5,690
199,065
139,601
$59,464
BRIDGEPORT INC.
Cash Flow Statement - Indirect Method
For the Year Ended December 31, 2024
V
$](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3881c6b7-e658-48bd-b9e3-457ed8acdc87%2Ff3c1f101-229f-4669-b5a6-2289d3e3c781%2Fpvuvlb_processed.png&w=3840&q=75)
Transcribed Image Text: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 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
Cost of goods sold
Depreciation expense
Operating expenses
Income tax expense
Interest expense
Profit for the year
3.
2024
$ 60,255
59,020
79,235
Adjustments to reconcile profit to
54,925
188,500
(32,175)
$409,760
$34,255
7,865
91,000
162,500
114,140
$409,760
$64,650
38,155
9,535
25,350
1,911
2023
くくくくくく
$30,710
24,050
66,725
< < < < < < < < <
69,550
133,250
(26,000)
$298,285
$31,380
12,240
45,500
130,000
79,165
$298,285
Additional 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 flow
with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).)
5,690
199,065
139,601
$59,464
BRIDGEPORT INC.
Cash Flow Statement - Indirect Method
For the Year Ended December 31, 2024
V
$
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