The income statement of Bridgeport Company is shown below BRIDGEPORT COMPANY INC

Question

The income statement of Bridgeport Company is shown below BRIDGEPORT COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Sales revenue $6,840,000 Cost of goods solod Beginning inventory Purchases Goods available for sale Ending inventory Cost of goods sold $1,910,000 4,360,000 6,270,000 1,600,000 4,670,000 Gross profit Operating expenses 2,170,000 Selling expenses Administrative expenses 450,000 690,000 1,140,000 Net income $1,030,000 Additional information: 1. Accounts receivable decreased $370,000 during the year. 2. Prepaid expenses increased $160,000 during the year. 3. Accounts payable to suppliers of merchandise decreased $270,000 during the year. 4. Accrued expenses payable decreased $110,000 during the year. 5. Administrative expenses include depreciation expense of $60,000.

Explanation / Answer

Cash flow from operating activities :

Cash received from customer (6840000+370000) 7210000 Cash paid to supplier (4360000+270000) -4630000 Cash paid for operating expense (1140000-60000+160000+110000) -1350000 -5980000 Net cash flow from operating activities 1230000

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