BRIDGEPORT COMPANY Statement of Cash Flows For the Year Ended December 31, 2020 (Indirect Method) Cash Flows from Operating Activitlea Net Income Adjustments to reconcile net income to > > > > > > > >...

Extracted text: BRIDGEPORT COMPANY Statement of Cash Flows For the Year Ended December 31, 2020 (Indirect Method) Cash Flows from Operating Activitlea Net Income Adjustments to reconcile net income to > > > > > > > > > > > > > > > > > > > >


Extracted text: Condensed financial data of Bridgsport Company for 2020 and 2019 are presented below. BRIDGEPORT COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $1,820 $1,150 Receivables 1,780 1,310 Inventory 1,600 1,930 Plant assets 1,930 1,710 Accumulated depreciation (1,200 ) [1,160 } Long-term investments (held-to-maturity) 1,320 1,400 $7,250 $6,340 Accounts payable $1190 SB80 Accrued liabilities 190 270 Bonds payable 1,430 1,520 Common stock 1,900 1,730 Retained carnings 2,540 1,940 $7,250 $6,340 BRIDGEPORT COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,860 Cost of goods sold 4,620 Gross margin 2,240 Selling and administrative expenses 920 Income from operations 1,320 Other revenuss and gains Gain on sale of investments B0 Income before tax 1,400 Income tax expense 540 Net income B60 Cash dividends 260 Income ratained in business $600 Additional information: During the year, $70 of common stock was issued in exchanga for plant assets. No plant assets were sold in 2020. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a- sign eg-15,000 or in parenthesis eg (15,000))