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Homework answers / question archive / Bridgeport Inc
Bridgeport Inc. had the following condensed balance sheet at the end of operations for 2016.
BRIDGEPORT INC.
BALANCE SHEET
DECEMBER 31, 2016Cash$8,300Current liabilities$15,400Current assets other than cash28,800Long-term notes payable26,100Equity investments19,500Bonds payable25,000Plant assets (net)69,100Common stock73,200Land39,900Retained earnings25,900$165,600$165,600
During 2017, the following occurred.
(a)Bridgeport Inc. sold part of its investment portfolio for $12,700. This transaction resulted in a gain of $5,200 for the company. No unrealized gains or losses were recorded on these investments in 2017.(b)Dividends totaling $9,100 were paid to stockholders.(c)A tract of land was purchased for $11,800.(d)Net income was $34,400 after allowing depreciation of $13,300.(e)Bonds payable in the amount of $10,800 were redeemed at par.(f)Land was purchased through the issuance of $22,600 in bonds.(g)An additional $10,000 in common stock was issued at par.(h)Both current assets (other than cash) and current liabilities remained at the same amount.
(a) Prepare statement of cash flows for 2017 using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
