The income statement of Bridgeport Corp. is presented here. Bridgeport Corp. Income Statement For the Year Ended November 30, 2022 Sales revenue $7,636,400 Cost of goods sold Beginning inventory $1,902,800 Purchases 4,367,700 Goods available for sale 6,270,500 Ending inventory 1,599,500 Total cost of goods sold 4,671,000 Gross profit 2,965,400 Operating expenses Selling expenses 447,600 Administrative expenses 691,300 1,138,900 Net income $1,826,500 Additional information: 1. Accounts receivable decreased $380,600 during the year, and inventory decreased $303,300. 2. Prepaid expenses increased $147,000 during the year. 3. Accounts payable to suppliers of merchandise decreased $349,500 during the year. 4. Accrued expenses payable decreased $99,800 during the year. 5. Administrative expenses include depreciation expense of $108,700. Prepare the operating activities section of the statement of cash flows for the year ended November 30, 2022, for Bridgeport Corp., 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).)

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 income statement of Bridgeport Corp. is presented here.

Bridgeport Corp. Income Statement For the Year Ended November 30, 2022
Sales revenue		$7,636,400
Cost of goods sold
Beginning inventory	$1,902,800
Purchases	4,367,700
Goods available for sale	6,270,500
Ending inventory	1,599,500
Total cost of goods sold		4,671,000
Gross profit		2,965,400
Operating expenses
Selling expenses	447,600
Administrative expenses	691,300	1,138,900
Net income		$1,826,500

Additional information:

1.		Accounts receivable decreased $380,600 during the year, and inventory decreased $303,300.
2.		Prepaid expenses increased $147,000 during the year.
3.		Accounts payable to suppliers of merchandise decreased $349,500 during the year.
4.		Accrued expenses payable decreased $99,800 during the year.
5.		Administrative expenses include depreciation expense of $108,700.

Prepare the operating activities section of the statement of cash flows for the year ended November 30, 2022, for Bridgeport Corp., 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).)

Bridgeport Corp. Partial Statement of Cash Flows Choose the accounting period
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Adjustments to reconcile net income to
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Select an item	Enter a dollar amount
		Enter a total amount for this subsection
Select a closing name for this section		$Enter a total amount for this section

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