Please do not give solution in image format ? The comparative balance sheets for Bridgeport Corporation show the following information:CashAccounts receivableInventoryBuildingsEquipmentInvestmentsPatentsAllowance for doubtful accountsAccumulated depreciation-buildingAccumulated depreciation-equipmentAccounts payableDividends payableNotes payable, short-termLong-term notes payableCommon stockRetained earningsTotal liabilities and stockholders' equityTotal assets1.2.3.4.5.6.7.December 318.2025$55,80055,70081,700-0-196,000-0-24,900$5,000-0-45,00076,2006,00010,00050,00068,4002024$18,700153,500$414,10051,100$414,100 $524,30085,000177,000121,000Additional 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 $12,000.41,90029,600$4,50046,90020,10073,90012,0006,000264,00050,20046,700$524,300On 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 inthe 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 amountsthat decrease cash flow with either a-sign e.g.-15,000 or in parenthesis eg. (15,000))Adjustments to recondile net income toBRIDGEPORT CORPORATIONStatement of Cash FlowsV✓Show Transcribed TextSupplemental disclosures of cash flow information:$$$

A Cash flow statement is a financial statement that provides the summarised information regarding…

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.

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter12: Fainancial Statement Analysis

Section: Chapter Questions

Problem 13MCQ