The income statement of Bridgeport Corporation is presented here. BRIDGEPORT CORPORATION Income Statement Year Ended...
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The income statement of Bridgeport Corporation is presented here. BRIDGEPORT CORPORATION Income Statement Year Ended November 30, 2018 Sales $8,100,000 Cost of goods sold 4,950,000 Gross profit 3,150,000 Salaries expense 863,000 Operating expenses 222,000 Depreciation expense 90.000 Income before income tax 1,975,000 Income tax expense 245,000 Net income $1,730,000 Additional information: 1. Accounts receivable increased $400,000 during the year, and inventory decreased $540,000. 2. Prepaid expenses, which relate to administrative expenses, increased $200,000 during the year. 3. Accounts payable to suppliers of merchandise decreased $420,000 during the year. 4. Accrued salaries payable decreased $165,000 during the year. 5. Income tax payable increased $55,000 during the year. Prepare the operating activities section of the statement of cash flows for the year ended November 30, 2018, for Bridgeport Corporation using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis e.g. (15,000).) BRIDGEPORT CORPORATION Statement of Cash Flows (Partial) Cash flows from operating activities Adjustments to reconcile net income to
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