FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Current Attempt in Progress The comparative statement of financial position of Bridgeport Corporation as at December 31, 2023, follows: Assets Cash Accounts receivable Equipment Less: Accumulated depreciation Total BRIDGEPORT CORPORATION Statement of Financial Position December 31 Liabilities and Shareholders' Equity Accounts payable Common shares Retained earnings Total 2023 December 31 $51,000 89,600 26,200 (6,800) $160,000 $20,000 100,000 40,000 $160,000 2022 $7,200 87,000 21,000 (11,100) $104,100 $10,000 78,100 16,000 $104,100
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Transcribed Image Text:Current Attempt in Progress The comparative statement of financial position of Bridgeport Corporation as at December 31, 2023, follows: Assets Cash Accounts receivable Equipment Less: Accumulated depreciation Total BRIDGEPORT CORPORATION Statement of Financial Position December 31 Liabilities and Shareholders' Equity Accounts payable Common shares Retained earnings Total 2023 December 31 $51,000 89,600 26,200 (6,800) $160,000 $20,000 100,000 40,000 $160,000 2022 $7,200 87,000 21,000 (11,100) $104,100 $10,000 78,100 16,000 $104,100
Retained earnings Total (a) Net income of $36,500 was reported and dividends of $12,500 were declared and paid in 2023. New equipment was purchased, and equipment with a carrying value of $5,000 (cost of $11,700 and accumulated depreciation of $6,700) was sold for $7,500. Current ratio Debt to total assets ratio Calculate the current ratio and debt to total assets ratio as at December 31, 2022 and 2023. Calculate the free cash flow for December 31, 2023. (Round answers to 2 decimal places, e.g. 52.75. Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Free cash flow, December 31, 2023 $ eTextbook and Media 40,000 $160,000 Save for Later 2023 16,000 $104,100 :1 % 2022 :1 % Attempts: 0 of 3 used Submit Answer
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Transcribed Image Text:Retained earnings Total (a) Net income of $36,500 was reported and dividends of $12,500 were declared and paid in 2023. New equipment was purchased, and equipment with a carrying value of $5,000 (cost of $11,700 and accumulated depreciation of $6,700) was sold for $7,500. Current ratio Debt to total assets ratio Calculate the current ratio and debt to total assets ratio as at December 31, 2022 and 2023. Calculate the free cash flow for December 31, 2023. (Round answers to 2 decimal places, e.g. 52.75. Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Free cash flow, December 31, 2023 $ eTextbook and Media 40,000 $160,000 Save for Later 2023 16,000 $104,100 :1 % 2022 :1 % Attempts: 0 of 3 used Submit Answer
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