Problem 12-5A Bridgeport Corp.\'s income statement contained the condensed infor

Question

Problem 12-5A 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 Accounts payable pertain to operating expenses. Prepare the operating activities section of the statement of cash flows using the indirect m

Explanation / Answer

Cash flows from Operating activities: Net income for the period 306860 Adjustment for reconciliation Depreciation expense 73700 Loss on disposal of plant 21440 Increase in Accounts receivable -13400 Increase in Accounts payable 12060 Increase in Income tax payable 8040 101840 Net cash provided from Operating activities 408700

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