6 Current Attempt in ProgressThe comparative statement of financial position of Bridgeport Corporation as at December 31, 2023, follows:AssetsCashAccounts receivableEquipmentLess: Accumulated depreciationTotalBRIDGEPORT CORPORATIONStatement of Financial PositionDecember 31Liabilities and Shareholders' EquityAccounts payableCommon sharesRetained earningsTotal2023December 31$51,00089,60026,200(6,800)$160,000$20,000100,00040,000$160,0002022$7,20087,00021,000(11,100)$104,100$10,00078,10016,000$104,100 Retained earningsTotal(a)Net income of $36,500 was reported and dividends of $12,500 were declared and paid in 2023. New equipment was purchased, andequipment with a carrying value of $5,000 (cost of $11,700 and accumulated depreciation of $6,700) was sold for $7,500.Current ratioDebt to total assets ratioCalculate the current ratio and debt to total assets ratio as at December 31, 2022 and 2023. Calculate the free cash flow forDecember 31, 2023. (Round answers to 2 decimal places, e.g. 52.75. Show amounts that decrease cash flow with either a - sign e.g. -15,000 orin parenthesis e.g. (15,000).)Free cash flow, December 31, 2023 $eTextbook and Media40,000$160,000Save for Later202316,000$104,100:1%2022:1%Attempts: 0 of 3 usedSubmit Answer

The company uses financial ratios to determine the financial and non-financial relationship between…

(a) Calculate the current ratio and debt to total assets ratio as at December 31, 2022 and 2023. Calculate the free cash flow for December 31, 2023. (Round answers to 2 decimal places, e.g. 52.75. Show amounts that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis e.g. (15,000).) Current ratio Debt to total assets ratio Free cash flow, December 31, 2023 $ eTextbook and Media 2023 :1 % 2022 :1 %

(a) Calculate the current ratio and debt to total assets ratio as at December 31, 2022 and 2023. Calculate the free cash flow for December 31, 2023. (Round answers to 2 decimal places, e.g. 52.75. Show amounts that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis e.g. (15,000).) Current ratio Debt to total assets ratio Free cash flow, December 31, 2023 $ eTextbook and Media 2023 :1 % 2022 :1 %

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 10MC

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