Question

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1. (10 points)Presented below is a condensed version of the comparative balance sheets for Bridgeport Corporation for the last two years at December 31.20172016Cash$ 230,100$ 101,400Accounts receivable234,000240,500Investments67,60096,200Equipment387,400312,000Accumulated Depreciation-Equipment(137,800)(115,700)Current liabilities174,200196,300Common stock208,000208,000Retained earnings399,100230,100Additional information:Investments were sold at a loss of $13,000; no equipment was sold; cash dividends paid were $39,000; and net income was $208,000.Required: Prepare a statement of cash flows for the year ended December 31, 2017. *PLEASE TYPE THE ANSWER SO IT'S CAPABLE FOR ME TO COPY AND PASTE THANKS

*PLEASE TYPE THE ANSWER SO IT'S CAPABLE FOR ME TO COPY AND PASTE THANKS

*PLEASE TYPE THE ANSWER SO IT'S CAPABLE FOR ME TO COPY AND PASTE THANKS

*PLEASE TYPE THE ANSWER SO IT'S CAPABLE FOR ME TO COPY AND PASTE THANKS

1. (10 points) Presented below is a condensed version of the comparative balance sheets for Bridgeport Corporation for the last two years at December 31. 2017 Cash Accounts receivable Investments Equipment Accumulated Depreciation-Equipment Current liabilities Common stock Retained earnings $ 230,100 234,000 67,600 387,400 (137,800 ) 174,200 208,000 399,100 2016 $ 101,400 240,500 96,200 312,000 (115,700 ) 196,300 208,000 230,100 Additional information: Investments were sold at a loss of $13,000; no equipment was sold; cash dividends paid were $39,000; and net income was $208,000. Required: Prepare a statement of cash flows for the year ended December 31, 2017.

Answer 1

Statement of Cash Flows - Indirect Approach
	Amount in $	Amount in $
Net income		$          2,08,000
Cash flows from operating activities
Adjustments for reconcile the net income to:
Depreciation	$             22,100
Loss on Sales of investment	$             13,000
Decrease in account receivable	$                6,500
Decrease in Liabilities	$            -22,100
		$             19,500
Net cash from operating activities		$          2,27,500
Cash flows from investing activities
Sale of Investment	$             15,600
Purchase of Equipment	$            -75,400
Net cash used in investing activities		$            -59,800
Cash flows from Financing activities
Dividend Paid	$            -39,000
Net cash used in financing activities		$            -39,000
Net increase in cash and cash equivalents		$          1,28,700
Add :Cash and cash equivalents at beginning of period		$          1,01,400
Cash and cash equivalents at end of period		$          2,30,100