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The comparative balance sheets for Bridgeport Corporation show the following information: Cash Accounts receivable Inventory Buildings Equipment Investments Patents Total assets 1. 2. 3. 4. Allowance for doubtful accounts Accumulated depreciation-building Accumulated depreciation-equipment Accounts payable Dividends payable Notes payable, short-term 10,000 Long-term notes payable 50,000 Common stock 68,400 Retained earnings 153,500 Total liabilities and stockholders' equity $414,100 5. December 31 6. 7. 2025 $55,800 55,700 2024 $18,700 51,100 85,000 177,000 196,000 121,000 -0- 41,900 24,900 29,600 $414,100 $524,300 81,700 -0- $5,000 Additional data related to 2025 are as follows. Equipment that had cost $19,900 and was 60% depreciated at time of disposal was sol $18,200 of the long-term note payable was paid by issuing common stock. Cash dividends paid were $12,000. -0- 45,000 76,200 6,000 $4,500 46,900 20,100 73,900 12,000 6,000 264,000 50,200 46,700 $524,300 On January 1, 2025, the building was completely destroyed by a hurricane. Insurance p $246,400 (net of $21,900 taxes). Investments (available-for-sale) were sold at $2,800 below their cost. The company has the past. Cash was paid for the acquisition of equipment. A long-term pote for $19.900 was issued for the acquisition of equipment.

The comparative balance sheets for Bridgeport Corporation show the following information: Cash Accounts receivable Inventory Buildings Equipment Investments Patents Total assets 1. 2. 3. 4. Allowance for doubtful accounts Accumulated depreciation-building Accumulated depreciation-equipment Accounts payable Dividends payable Notes payable, short-term 10,000 Long-term notes payable 50,000 Common stock 68,400 Retained earnings 153,500 Total liabilities and stockholders' equity $414,100 5. December 31 6. 7. 2025 $55,800 55,700 2024 $18,700 51,100 85,000 177,000 196,000 121,000 -0- 41,900 24,900 29,600 $414,100 $524,300 81,700 -0- $5,000 Additional data related to 2025 are as follows. Equipment that had cost $19,900 and was 60% depreciated at time of disposal was sol $18,200 of the long-term note payable was paid by issuing common stock. Cash dividends paid were $12,000. -0- 45,000 76,200 6,000 $4,500 46,900 20,100 73,900 12,000 6,000 264,000 50,200 46,700 $524,300 On January 1, 2025, the building was completely destroyed by a hurricane. Insurance p $246,400 (net of $21,900 taxes). Investments (available-for-sale) were sold at $2,800 below their cost. The company has the past. Cash was paid for the acquisition of equipment. A long-term pote for $19.900 was issued for the acquisition of equipment.

FINANCIAL ACCOUNTING
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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The comparative balance sheets for Bridgeport Corporation show the following information: Cash Accounts receivable Inventory Buildings Equipment Investments Patents Allowance for doubtful accounts Accumulated depreciation-building Accumulated depreciation-equipment Accounts payable Dividends payable Notes payable, short-term Long-term notes payable Common stock Retained earnings Total liabilities and stockholders' equity Total assets 1. 2. 3. 4. 5. 6. 7. December 31 8. 2025 $55,800 55,700 81,700 -0- 196,000 -0- 24,900 $5,000 -0- 45,000 76,200 6,000 10,000 50,000 68,400 2024 $18,700 153,500 $414,100 51,100 $414,100 $524,300 85,000 177,000 121,000 Additional data related to 2025 are as follows. Equipment that had cost $19,900 and was 60% depreciated at time of disposal was sold for $2,000. $18,200 of the long-term note payable was paid by issuing common stock. Cash dividends paid were $12,000. 41,900 29,600 $4,500 46,900 20,100 73,900 12,000 6,000 264,000 50,200 46,700 $524,300 On January 1, 2025, the building was completely destroyed by a hurricane. Insurance proceeds on the building were $246,400 (net of $21,900 taxes). Investments (available-for-sale) were sold at $2,800 below their cost. The company has made similar sales and investments in the past. Cash was paid for the acquisition of equipment. A long-term note for $19,900 was issued for the acquisition of equipment. Interest of $1,000 and income taxes of $23,800 were paid in cash.
Transcribed Image Text:The comparative balance sheets for Bridgeport Corporation show the following information: Cash Accounts receivable Inventory Buildings Equipment Investments Patents Allowance for doubtful accounts Accumulated depreciation-building Accumulated depreciation-equipment Accounts payable Dividends payable Notes payable, short-term Long-term notes payable Common stock Retained earnings Total liabilities and stockholders' equity Total assets 1. 2. 3. 4. 5. 6. 7. December 31 8. 2025 $55,800 55,700 81,700 -0- 196,000 -0- 24,900 $5,000 -0- 45,000 76,200 6,000 10,000 50,000 68,400 2024 $18,700 153,500 $414,100 51,100 $414,100 $524,300 85,000 177,000 121,000 Additional data related to 2025 are as follows. Equipment that had cost $19,900 and was 60% depreciated at time of disposal was sold for $2,000. $18,200 of the long-term note payable was paid by issuing common stock. Cash dividends paid were $12,000. 41,900 29,600 $4,500 46,900 20,100 73,900 12,000 6,000 264,000 50,200 46,700 $524,300 On January 1, 2025, the building was completely destroyed by a hurricane. Insurance proceeds on the building were $246,400 (net of $21,900 taxes). Investments (available-for-sale) were sold at $2,800 below their cost. The company has made similar sales and investments in the past. Cash was paid for the acquisition of equipment. A long-term note for $19,900 was issued for the acquisition of equipment. Interest of $1,000 and income taxes of $23,800 were paid in cash.
Prepare a statement of cash flows using the indirect method. Hurricane damage is unusual in that part of the country. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis eg. (15,000)) Adjustments to recondile net income to BRIDGEPORT CORPORATION Statement of Cash Flows V ✓ Show Transcribed Text Supplemental disclosures of cash flow information: $ $ $
Transcribed Image Text:Prepare a statement of cash flows using the indirect method. Hurricane damage is unusual in that part of the country. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis eg. (15,000)) Adjustments to recondile net income to BRIDGEPORT CORPORATION Statement of Cash Flows V ✓ Show Transcribed Text Supplemental disclosures of cash flow information: $ $ $
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