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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