Condensed financial data of Coronado Inc. follow. CORONADO INC. Comparative Balance Sheets December 31 Assets 2022 2021 Cash $81,100 $49,000 Accounts receivable 87,700 38,100 Inventory 111,200 102,100 Prepaid expenses 29,000 27,500 Long-term investments 140,900 113,300 Plant assets 285,000 242,400 Accumulated depreciation (46,800) (48,400) Total $688,100 $524,000 Liabilities and Stockholders’ Equity Accounts payable $110,000 $67,400 Accrued expenses payable 16,500 21,500 Bonds payable 119,300 149,300 Common stock 219,900 174,600 Retained earnings 222,400 111,200 Total $688,100 $524,000 CORONADO INC. Income Statement For the Year Ended December 31, 2022 Sales revenue $376,500 Less: Cost of goods sold $135,600 Operating expenses, excluding depreciation 11,400 Depreciation expense 47,400 Income tax expense 26,500 Interest expense 5,000 Loss on disposal of plant assets 7,800 233,700 Net income $142,800 Additional information: 1. New plant assets costing $100,600 were purchased for cash during the year. 2. Old plant assets having an original cost of $58,000 and accumulated depreciation of $49,000 were sold for $1,200 cash. 3. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of $31,600 was declared and paid during the year. 5. Common stock was issued at par for cash. 6. There were no significant noncash transactions. Further analysis reveals that accounts payable pertain to merchandise creditors. Prepare a statement of cash flows for Coronado Inc. using the direct method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) CORONADO INC. Statement of Cash Flows – Direct Method choose the accounting period select an opening name for section one select an item $enter a dollar amount select between addition and deduction cash payments: select an item $enter a dollar amount
Condensed financial data of Coronado Inc. follow. CORONADO INC. Comparative Balance Sheets December 31 Assets 2022 2021 Cash $81,100 $49,000 Accounts receivable 87,700 38,100 Inventory 111,200 102,100 Prepaid expenses 29,000 27,500 Long-term investments 140,900 113,300 Plant assets 285,000 242,400 Accumulated depreciation (46,800) (48,400) Total $688,100 $524,000 Liabilities and Stockholders’ Equity Accounts payable $110,000 $67,400 Accrued expenses payable 16,500 21,500 Bonds payable 119,300 149,300 Common stock 219,900 174,600 Retained earnings 222,400 111,200 Total $688,100 $524,000 CORONADO INC. Income Statement For the Year Ended December 31, 2022 Sales revenue $376,500 Less: Cost of goods sold $135,600 Operating expenses, excluding depreciation 11,400 Depreciation expense 47,400 Income tax expense 26,500 Interest expense 5,000 Loss on disposal of plant assets 7,800 233,700 Net income $142,800 Additional information: 1. New plant assets costing $100,600 were purchased for cash during the year. 2. Old plant assets having an original cost of $58,000 and accumulated depreciation of $49,000 were sold for $1,200 cash. 3. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of $31,600 was declared and paid during the year. 5. Common stock was issued at par for cash. 6. There were no significant noncash transactions. Further analysis reveals that accounts payable pertain to merchandise creditors. Prepare a statement of cash flows for Coronado Inc. using the direct method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) CORONADO INC. Statement of Cash Flows – Direct Method choose the accounting period select an opening name for section one select an item $enter a dollar amount select between addition and deduction cash payments: select an item $enter a dollar amount
Fundamentals Of Financial Management, Concise Edition (mindtap Course List)
10th Edition
ISBN:9781337902571
Author:Eugene F. Brigham, Joel F. Houston
Publisher:Eugene F. Brigham, Joel F. Houston
Chapter3: Financial Statements, Cash Flow, And Taxes
Section: Chapter Questions
Problem 19SP
Related questions
Question
Condensed financial data of Coronado Inc. follow.
CORONADO INC.
Comparative Balance Sheets December 31 |
||||||
---|---|---|---|---|---|---|
Assets
|
2022
|
2021
|
||||
Cash
|
$81,100
|
$49,000
|
||||
Accounts receivable
|
87,700
|
38,100
|
||||
Inventory
|
111,200
|
102,100
|
||||
Prepaid expenses
|
29,000
|
27,500
|
||||
Long-term investments
|
140,900
|
113,300
|
||||
Plant assets
|
285,000
|
242,400
|
||||
|
(46,800)
|
|
(48,400)
|
|||
Total
|
$688,100
|
$524,000
|
||||
Liabilities and
|
||||||
Accounts payable
|
$110,000
|
$67,400
|
||||
Accrued expenses payable
|
16,500
|
21,500
|
||||
Bonds payable
|
119,300
|
149,300
|
||||
Common stock
|
219,900
|
174,600
|
||||
Retained earnings
|
222,400
|
111,200
|
||||
Total
|
$688,100
|
$524,000
|
CORONADO INC.
Income Statement For the Year Ended December 31, 2022 |
||||
---|---|---|---|---|
Sales revenue
|
$376,500 | |||
Less:
|
||||
Cost of goods sold
|
$135,600
|
|||
Operating expenses, excluding depreciation
|
11,400
|
|||
Depreciation expense
|
47,400
|
|||
Income tax expense
|
26,500
|
|||
Interest expense
|
5,000
|
|||
Loss on disposal of plant assets
|
7,800
|
233,700 | ||
Net income
|
$142,800
|
Additional information:
1. | New plant assets costing $100,600 were purchased for cash during the year. | |
2. | Old plant assets having an original cost of $58,000 and accumulated depreciation of $49,000 were sold for $1,200 cash. | |
3. | Bonds payable matured and were paid off at face value for cash. | |
4. | A cash dividend of $31,600 was declared and paid during the year. | |
5. | Common stock was issued at par for cash. | |
6. | There were no significant noncash transactions. |
Further analysis reveals that accounts payable pertain to merchandise creditors.
Prepare a statement of cash flows for Coronado Inc. using the direct method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
CORONADO INC.
Statement of Cash Flows – Direct Method choose the accounting period |
||
---|---|---|
select an opening name for section one
|
||
select an item
|
$enter a dollar amount
|
|
select between addition and deduction cash payments:
|
||
select an item
|
$enter a dollar amount
|
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