Help I System Announcements ment / Remaining: 106 min. Question 1 Bridgeport Cor

Question

Help I System Announcements ment / Remaining: 106 min. Question 1 Bridgeport Corp's income statement contained the condensed information below. Bridgeport Corp. Income Statement For the Year Ended December 31, 2017 Service revenue Operating expenses, excluding depreciation Depreciation expense Loss on disposal of plant assets Income before income taxes Income tax expense Net income $1,299,800 $822,760 73,700 21,440 917,900 381,900 75,040 $306,860 Bridgeport Corp.'s balance sheet contained the comparative data at December 31. 2017 2016 Accounts receivable Accounts payable Income taxes payable $93,800 54,940 17,420 $80,400 42,880 9,380 dy Accounts payable pertain to operating expenses. Prepare the operating activities section of the statement of cash flows using the indirect method. (Sh Partial Statement of Cash Flows ons. Ins. All Rights Reserved. A Division of 1ohn Wiley &Sons.; Ins o e here to search

Explanation / Answer

Cash flow from operating activities under indirect method:

Net income 306860 Adjustment to reconcile net income Depreciation expenses 73700 Loss on sale of land 21440 Increase account receivable (13400) Increase account payable 12060 Increase income tax payable 8040 Net cash flow from operating activities 408700

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