Question

Presented below is the trial balance of Bridgeport Corporation at December 31, 2020. Credit Debit $ 200,300 $ 8,101,350 154.350 4.800.000 302.300 280,300 91,350 456,350 2,001,350 64,620 261.350 1,043,300 139,300 97,350 436,350 Cash Sales Debt Investments (trading) (at cost, $145.000) Cost of Goods Sold Debt Investments (one term Equity Investments lore-term) Notes Payable (short-term) Accounts Payable Selling Expenses Investment Revenue Land Buildings Dividends Payable Accrued Liabilities Accounts Receivable Acoumulated Depreciation-Buildings Allowance for Doubtful Accounts Administrative Expenses Interest Expense Inventory Gain Notes Payable long-term Equipment Bonds Payable Accumulated Depreciation Equipment Franchises Common Stock ($5 par) Treasury Stock Patents Retained Earnings Paid-in Capital in Excess of Par Totals 152,000 26,350 901.630 212630 600,300 81,630 903,300 801.350 1,003,300 60,000 160.000 1,001,350 192,350 195,000 B1,300 $12.342 860 $12.342,860 Prepare a balance sheet at December 31, 2020. for Brideeport Corporation (lenore income taxes). List Current Assets in order of liquidity. List Property, plant and Equipment in order of Land, Building and Equipment. Enter account home only and do not provide the descriptive information provided in the question.)

Answer 1

200,300 154,350 410,000 600,300 $1,364,950 Bridgeport Corporation Balance Sheet December 31,2020 Assets Current Assets Cash Debt Investments $ Accounts Receivables $ 436,350 less: Allowence for Doubtful Accounts $ (26,350 $ Inventory $ Total Current assets Long-term Investments Debt Investments Equity Investments $ Total Long-term Investments Property, plant and Equipment Land $ Buildings $ 1,043,300 Less: Accumulated Depreciation-Buildings $ (152,000 $ Equipment $ 601,350 Less: Accumulated depreciation-Equipment $ (60,000) $ Total Property, plant and Equipment Intangible Assets Franchises Patents $ 302,300 280,300 $ 582,600 261,350 891,300 541,350 $1,694,000 160,000 195,000

$ 355,000 $3,996,550 91,350 456,350 139,300 97,350 $ 784,350 Total Intangible Assets Total Assets Liabilities and Stockholders' Equity Current Liabilities Notes Payables Accounts Payables Dividends Payables Accured liabilities $ Total Current Liabilities Long-term debt Bonds Payable $ Notes payable $ Total Long-term Liabilities Total Liabilities Stockholders' Equity Paid-in Capital Common Stock $ 1,001,350 Additional paid in capital $ 83,300 Retained Earnings $ 413,300 Total Paid in capital and Retained Earnings $ Less: Treasury Stock $ Total Stockholders Equity Total Liabilities and Stockholders' Equity 1,003,300 903,300 $1,906,600 1,497,950 (192,350) $1,305,600 $3,996,550

Working Notes Bridgeport Corporation Income Statement For the Year Ended December 31,2020 Revenues Sales $ 8,101,350 Investment revenue $ 64,630 Gain $ 81,630 Total revenue Expenses Cost of Goods sold $ 4,800,000 Selling expenses $ 2,001,350 Administrative Expense $ 901,630 Interest Expense $ 212,630 Total expenses Net Income $ 8,247,610 $ $ 7,915,610 332,000 Bridgeport Corporation Retained Eranings statement For the Year Ended December 31,2020 Retained Earnings Beginning balance $ Add: Net Income $ Retained Earnings Closing balance $ 81,300 332,000 413,300