The comparative statement of financial position of Bridgeport Corporation as at December 31, 2023, follows: Assets Cash Accounts receivable Equipment BRIDGEPORT CORPORATION Statement of Financial Position December 31 Less: Accumulated depreciation Total Liabilities and Shareholders' Equity Accounts payable Common shares Retained earnings Total 2023 December 31 $52,500 90,800 27,000 (10,000) $160,300 $20,000 100,000 40,300 $160,300 2022 $11,800 87,500 22,700 (10,800) $111,200 $15,000 80,000 16,200 $111,200 Net income of $37,100 was reported and dividends of $13,000 were declared and paid in 2023. New equipment was purchased, and equipment with a carrying value of $4,800 (cost of $11,500 and accumulated depreciation of $6,700) was sold for $7,800. Prepare a statement of cash flows using the indirect method for cash flows from operating activities. Assume that Bridgeport prepares financial statements in accordance with ASPE. (Show amounts that decrease cash flow with either a -

The comparative statement of financial position of Bridgeport Corporation as at December 31, 2023, follows: Assets Cash Accounts receivable Equipment BRIDGEPORT CORPORATION Statement of Financial Position December 31 Less: Accumulated depreciation Total Liabilities and Shareholders' Equity Accounts payable Common shares Retained earnings Total 2023 December 31 $52,500 90,800 27,000 (10,000) $160,300 $20,000 100,000 40,300 $160,300 2022 $11,800 87,500 22,700 (10,800) $111,200 $15,000 80,000 16,200 $111,200 Net income of $37,100 was reported and dividends of $13,000 were declared and paid in 2023. New equipment was purchased, and equipment with a carrying value of $4,800 (cost of $11,500 and accumulated depreciation of $6,700) was sold for $7,800. Prepare a statement of cash flows using the indirect method for cash flows from operating activities. Assume that Bridgeport prepares financial statements in accordance with ASPE. (Show amounts that decrease cash flow with either a -

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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