Prepare a statement of cash flow using the indirect method Bridgeport Inc., a retailer of garden tools

Prepare a statement of cash flow using the indirect method

   

Transcribed Image Text:

Bridgeport Inc., a retailer of garden tools that follows ASPE, had the following statements prepared as of December 31, 2020: BRIDGEPORT Inc. Comparative Statement of Financial Position December 31 Cash Accounts receivable Inventory Prepaid rent Equipment Accumulated depreciation-equipment Total assets Accounts payable Income tax payable Long-term loans payable Common shares 2020 $62,650 57,300 40,100 6.000 154,000 (33,150) $286.900 $46,500 3,900 63,500 132,350 40LED 2019 $54,000 50,300 64,000 3,900 132,500 (25,000) $279,700 $37,500 6,400 68,500 132,350 24050 Bridgeport Inc., a retailer of garden tools that follows ASPE, had the following statements prepared as of December 31, 2020: BRIDGEPORT Inc. Comparative Statement of Financial Position December 31 Cash Accounts receivable Inventory Prepaid rent Equipment Accumulated depreciation-equipment Total assets Accounts payable Income tax payable Long-term loans payable Common shares 2020 $62,650 57,300 40,100 6.000 154,000 (33,150) $286.900 $46,500 3,900 63,500 132,350 40LED 2019 $54,000 50,300 64,000 3,900 132,500 (25,000) $279,700 $37,500 6,400 68,500 132,350 24050

Answer rating: 100% (QA)

Solution Cash Flow Statement helps to understand the movement of cash between two periods of time Ca... View the full answer