Prepare a statement of cash flows for 2022 using the indirect method. (Show the amounts that decrease cash flow either a - sign e.g. 15,000 or in parenthesis e.g. (15,000).) Prepare a statement of cash flows for 2022 using the Indirect method. (Show amounts that decrease cash flow with either a-signeg-15,000 or in parenthesis eg (15.000))Adjustments to reconcile net income toCORONADO COMPANYStatement of Cash FlowsVVइ Here are comparative balance sheets for Coronado CompanyAssetsCashAccounts receivableInventoriesLandEquipmentAccumulated depreciationTotalLiabilities and Stockholders' EquityAccounts payableBonds payableCommon stock ($1 par)Retained earningsTotalAdditional information:1.2.CORONADO COMPANYComparative Balance SheetsDecember 313.4.5.2022$67,16080,040156,40066,240239,200(60,720)$548,320$34,040138,000198,720177,560$548,3202021$20,24069,920175,72092,000184,000(29,440)$512,440$43,240193,200160,000115,920$512,440Net income for 2022 was $92,000.Cash dividends of $30,360 were declared and paid.Bonds payable amounting to $55,200 were redeemed for cash $55,200.Common stock was issued for $38,640 cash.Equipment that cost $46,000 and had a book value of $27,600 was sold for $33,120 during 2022; land was sold at cost.

The cash flow statement assesses a corporation's ability to handle its cash balance, or how…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Prepare a statement of cash flows for 2022 using the indirect method. (Show the amounts that decrease cash flow either a - sign e.g. 15,000 or in parenthesis e.g. (15,000).)

Prepare a statement of cash flows for 2022 using the Indirect method. (Show amounts that decrease cash flow with either a-signeg-15,000 or in parenthesis eg (15.000))
Adjustments to reconcile net income to
CORONADO COMPANY
Statement of Cash Flows
V
V
इ

Here are comparative balance sheets for Coronado Company
Assets
Cash
Accounts receivable
Inventories
Land
Equipment
Accumulated depreciation
Total
Liabilities and Stockholders' Equity
Accounts payable
Bonds payable
Common stock ($1 par)
Retained earnings
Total
Additional information:
1.
2.
CORONADO COMPANY
Comparative Balance Sheets
December 31
3.
4.
5.
2022
$67,160
80,040
156,400
66,240
239,200
(60,720)
$548,320
$34,040
138,000
198,720
177,560
$548,320
2021
$20,240
69,920
175,720
92,000
184,000
(29,440)
$512,440
$43,240
193,200
160,000
115,920
$512,440
Net income for 2022 was $92,000.
Cash dividends of $30,360 were declared and paid.
Bonds payable amounting to $55,200 were redeemed for cash $55,200.
Common stock was issued for $38,640 cash.
Equipment that cost $46,000 and had a book value of $27,600 was sold for $33,120 during 2022; land was sold at cost.

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