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Question - Bridgeport Inc., a greeting card company, had the following statements prepared as of December 31, 2017.
BRIDGEPORT INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016
12/31/17
12/31/16
Cash
$5,900
$6,900
Accounts receivable
61,400
51,200
Short-term debt investments (available-for-sale)
34,700
18,000
Inventory
40,200
59,700
Prepaid rent
5,000
4,100
Equipment
152,700
130,200
Accumulated depreciation-equipment
(35,400)
(25,000)
Copyrights
45,700
49,900
Total assets
$310,200
$295,000
Accounts payable
$46,300
$40,400
Income taxes payable
3,900
6,000
Salaries and wages payable
8,100
Short-term loans payable
10,100
Long-term loans payable
60,200
69,400
Common stock, $10 par
100,000
Contributed capital, common stock
30,000
Retained earnings
53,600
35,200
Total liabilities & stockholders' equity
BRIDGEPORT INC. INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2017
Sales revenue
$335,075
Cost of goods sold
175,200
Gross profit
159,875
Operating expenses
120,100
Operating income
39,775
Interest expense
Gain on sale of equipment
9,400
Income before tax
30,375
Income tax expense
6,075
Net income
$24,300
Additional information:
1.
Dividends in the amount of $5,900 were declared and paid during 2017.
2.
Depreciation expense and amortization expense are included in operating expenses.
3.
No unrealized gains or losses have occurred on the investments during the year.
4.
Equipment that had a cost of $20,100 and was 70% depreciated was sold during 2017.
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