? ?? Condensed financial data of Coronado Company for 2017 and 2016 are presented below. CORONADO COMPANY
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Condensed financial data of Coronado Company for 2017 and 2016 are presented below. CORONADO COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 Cash Receivables Inventory Plant assets Accumulated depreciation Long-term investments (held-to-maturity) Accounts payable Accrued liabilities Bonds payable Common stock Retained earnings 2017 $1,800 1,770 1,560 1,900 (1,220) 1,300 $7,110 $1,220 190 1,410 1,870 2,420 $7,110 CORONADO COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 2016 $1,130 1,320 1,890 1,700 (1,180) 1,430 $6,290 $890 250 1,520 1,730 1,900 $6,290 CORONADO COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Sales revenue Cost of goods sold Gross margin Selling and administrative expenses Income from operations Other revenues and gains Gain on sale of investments Income before tax Income tax expense Net income Cash dividends Income retained in business Additional information: CORONADO COMPANY Statement of Cash Flows $6,860 4,710 2,150 920 1,230 During the year, $70 of common stock was issued in exchange for plant assets. No plant assets v Prepare a statement of cash flows using the indirect method. (Show amounts that decrease c (Indirect Method) 80 1,310 530 780 260 $520 CORONADO COMPANY Statement of Cash Flows (Indirect Method) Adjustments to reconcile net income to Y A 10 Condensed financial data of Coronado Company for 2017 and 2016 are presented below. CORONADO COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 Cash Receivables Inventory Plant assets Accumulated depreciation Long-term investments (held-to-maturity) Accounts payable Accrued liabilities Bonds payable Common stock Retained earnings 2017 $1,800 1,770 1,560 1,900 (1,220) 1,300 $7,110 $1,220 190 1,410 1,870 2,420 $7,110 CORONADO COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 2016 $1,130 1,320 1,890 1,700 (1,180) 1,430 $6,290 $890 250 1,520 1,730 1,900 $6,290 CORONADO COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Sales revenue Cost of goods sold Gross margin Selling and administrative expenses Income from operations Other revenues and gains Gain on sale of investments Income before tax Income tax expense Net income Cash dividends Income retained in business Additional information: CORONADO COMPANY Statement of Cash Flows $6,860 4,710 2,150 920 1,230 During the year, $70 of common stock was issued in exchange for plant assets. No plant assets v Prepare a statement of cash flows using the indirect method. (Show amounts that decrease c (Indirect Method) 80 1,310 530 780 260 $520 CORONADO COMPANY Statement of Cash Flows (Indirect Method) Adjustments to reconcile net income to Y A 10
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Related Book For
Accounting Principles
ISBN: 978-1119048473
7th Canadian Edition Volume 2
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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