Question 4 of 10 - Chapter 4 Homework 2024-02-15, 13:04

Chapter 4 Homework

You’ve completed all of the work in this assignment.

Question 4 of 10 1/1

https://education.wiley.com/was/ui/v2/assessment-player/index.html?launchId=0efd6906-5cb4-4fb2-a97a-a03e435135a6#/question/3 Page 1 of 2
Question 4 of 10 - Chapter 4 Homework 2024-02-15, 13:04

View Policies
Show Attempt History

 Your answer is correct.

The following are all changes in the account balances of Bridgeport Ltd. during the current year,
except for Retained Earnings:

Increase Increase
(Decrease) (Decrease)

Cash $90,000 Accounts payable $(78,000)

Accounts receivable (net) 70,000 Unearned revenue 27,000

Inventory 167,000 Bonds payable 86,000

Investments in FV-NI securities (25,000) Common shares 120,000

Contributed surplus 77,000

Calculate the net income for the current year, assuming that there were no entries in the Retained
Earnings account except for net income and a dividend declaration of $16,000, which was paid in
the current year.

Net income for the current year $ 86000

eTextbook and Media Assistance Used

Attempts: 1 of 3 used

https://education.wiley.com/was/ui/v2/assessment-player/index.html?launchId=0efd6906-5cb4-4fb2-a97a-a03e435135a6#/question/3 Page 2 of 2