BRIDGEPORT COMPANYStatement of Cash FlowsFor the Year Ended December 31, 2020(Indirect Method)Cash Flows from Operating ActivitleaNet IncomeAdjustments to reconcile net income to> > > > > > >>> > > >> > > > >> > > Condensed financial data of Bridgsport Company for 2020 and 2019 are presented below.BRIDGEPORT COMPANYCOMPARATIVE BALANCE SHEETAS OF DECEMBER 31, 2020 AND 201920202019Cash$1,820$1,150Receivables1,7801,310Inventory1,6001,930Plant assets1,9301,710Accumulated depreciation(1,200 )[1,160 }Long-term investments (held-to-maturity)1,3201,400$7,250$6,340Accounts payable$1190SB80Accrued liabilities190270Bonds payable1,4301,520Common stock1,9001,730Retained carnings2,5401,940$7,250$6,340BRIDGEPORT COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2020Sales revenue$6,860Cost of goods sold4,620Gross margin2,240Selling and administrative expenses920Income from operations1,320Other revenuss and gainsGain on sale of investmentsB0Income before tax1,400Income tax expense540Net incomeB60Cash dividends260Income ratained in business$600Additional information:During the year, $70 of common stock was issued in exchanga for plant assets. No plant assets were sold in 2020.Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a- sign eg-15,000 or inparenthesis eg (15,000))

Introduction:- A cash flow statement is a type of financial statement that shows how much money you…

Condensad financial data of Bridgaport Company for 2020 and 2019a ara presented below. BRIDGEPORT COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $1820 $1.150 Receivables 1,780 1.310 Inventory 1600 1.930 Plant assets 1.930 1,710 Accumulated depreciation (1.200 ) (1,160 1 Long tarm imestments iheid to-maturity 1320 1,400 $7.250 $6.340 Accounts payabla $1190 Accrued liabilities 190 270 Bonds payable 1430 1.520 Common stock 1.900 1,730 Ratained earnings 2.540 1,940 $7.250 $6.340 BRIDGEPORT COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6.860 Cost of soods sold 4.620 Grass margin 240 Seling and administrative senses 920 Income from operations 1.320 Other revenues and gains Gain on sale of imvestments Income before tax 1400 Income taxerpense 540 Net income Cash dividends 260 Income ratained in business S600 Additional information: During the yaar. $70 of common stock was issuad in exchanga for plant assets. No plant assets ware sold in 2020. Prepare a statament af cash flows using the indirect mathod. (Show amounts that decrease cash flow with either a-signeg-15,000 or in narenthesiseg (15.000U

Condensad financial data of Bridgaport Company for 2020 and 2019a ara presented below. BRIDGEPORT COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $1820 $1.150 Receivables 1,780 1.310 Inventory 1600 1.930 Plant assets 1.930 1,710 Accumulated depreciation (1.200 ) (1,160 1 Long tarm imestments iheid to-maturity 1320 1,400 $7.250 $6.340 Accounts payabla $1190 Accrued liabilities 190 270 Bonds payable 1430 1.520 Common stock 1.900 1,730 Ratained earnings 2.540 1,940 $7.250 $6.340 BRIDGEPORT COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6.860 Cost of soods sold 4.620 Grass margin 240 Seling and administrative senses 920 Income from operations 1.320 Other revenues and gains Gain on sale of imvestments Income before tax 1400 Income taxerpense 540 Net income Cash dividends 260 Income ratained in business S600 Additional information: During the yaar. $70 of common stock was issuad in exchanga for plant assets. No plant assets ware sold in 2020. Prepare a statament af cash flows using the indirect mathod. (Show amounts that decrease cash flow with either a-signeg-15,000 or in narenthesiseg (15.000U

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

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 2MC: During 2021, Anthony Company purchased debt securities as a long-term investment and classified them...

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