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3 years ago

The following information is available for Bridgeport Corp. for the year ended December 31, 2022.

Business

1 answer:

kirill115 [55]3 years ago

8 0

Answer:

Please see below the Cash Flow Statement for Bridgeport Corp. for the year ended December 31, 2022.

Explanation:

(A) Beginning cash balance $74,250

CASH FLOW FROM OPERATING ACTIVITIES:

Net Income $468,765

Adjustments to reconcile Net Income:

Add: Depreciation expense $267,300

(Increase) Decrease in Current Assets:

Accounts receivable ($13,530)

Inventory ($18,150)

Increase (Decrease) in Current Liabilities:

Accounts payable ($6,105)

Income taxes payable $7,755

(B) NET CASH PROVIDED BY OPERATING ACTIVITIES $706,035

CASH FLOWS FROM INVESTING ACTIVITIES:

Cash received for sale of land $57,750

Cash used to purchase building ($476,850)

(C) NET CASH PROVIDED BY INVESTING ACTIVITIES ($419,100)

CASH FLOWS FROM FINANCING ACTIVITIES:

Cash received from issuing bonds $330,000

Cash used to purchase treasury stock ($42,900)

Cash dividends paid ($19,800)

(D) NET CASH PROVIDED BY FINANCING ACTIVITIES $267,300

(E = B + C + D) NET INCREASE IN CASH $554,235

(A + E) ENDING CASH BALANCE $628,485

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Answer:

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3 years ago

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Answer:

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Explanation:

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Putting all the number together, we have:

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