Homework Answers
Solution
| BRIDGEPORT INC. | ||
| Statement of Cash Flows | ||
| For Year Ended December, 2020 | ||
| Cash flows from operating activities | ||
| Net income | $ 47,830.00 | |
| Adjustments to reconcile net income to | ||
| net cash provided by operating activities | ||
| Depreciation expense | $ 9,830.00 | |
| Increase in accounts receivable | $ (5,450.00) | |
| Increase in accounts payable | $ 7,450.00 | |
| $ 11,830.00 | ||
| Net cash provided by operating activities | $ 59,660.00 | |
| Cash flows from investing activities | ||
| Cash paid for equipment | $ (19,450.00) | |
| Net cash used in investing activities | $(19,450.00) | |
| Cash flows from financing activities | ||
| Cash paid for dividends | $ (29,280.00) | |
| Cash received from stock issuance | $ 21,070.00 | |
| Net cash used in financing activities | $ (8,210.00) | |
| Net increase (decrease) in cash | $ 32,000.00 | |
| Cash balance at prior year-end | $ 15,450.00 | |
| Cash balance at current year-end | $ 47,450.00 | |
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BRIDGEPORT INC. BALANCE SHEETS Dec. 31, 2020 Jan. 1, 2020 Inc./Dec. Assets Cash $ 47,450 Accounts...
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