CORONADO COMPANY Statement of Cash Flows
- Presented here are the financial statements of Coronado Company.
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Coronado Company |
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Comparative |
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December 31 |
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Assets |
2022 |
2021 |
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Cash |
37,500 |
19,100 |
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|
33,000 |
20,000 |
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Inventory |
30,700 |
20,200 |
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Property, Plant, and Equipment |
59,700 |
77,100 |
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|
(29,900) |
(23,100) |
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Total |
131,000 |
113,300 |
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Liabilities and |
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Accounts Payable |
28,100 |
17,000 |
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Income Taxes payable |
7,200 |
8,300 |
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Bonds Payable |
27,800 |
33,000 |
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Common Stock |
19,000 |
14,800 |
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|
48,900 |
40,200 |
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Total |
131,000 |
113,300 |
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Coronado Company |
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Income Statement |
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For the Year Ended December 31, 2022 |
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|
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Sales revenue |
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241,900 |
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Cost of Goods Sold |
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177,000 |
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Gross Profit |
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64,900 |
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Selling Expenses |
18,150 |
|
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Administrative Expenses |
6,050 |
24,200 |
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Income from Operations |
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40,700 |
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Interest Expenses |
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3,600 |
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Income Before Income Taxes |
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37,100 |
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Income Tax Expense |
|
7,420 |
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Net Income |
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29,680 |
Additional Data:
- Depreciation expense was $17,400.
- Dividends declared and paid were $20,980.
- During the year, equipment was sold for $6,800 cash. This equipment originally cost $17,400 and had accumulated depreciation of $10,600 at the time of sale.
- Bonds were redeemed at their carrying value.
- Common stock was issued at par for cash.
Further Analysis Reveals the Following.
- Accounts payable pertain to merchandise suppliers.
- All operating expenses except for depreciation were paid in cash.
- All depreciation expense is in the selling expense category.
All sales and inventory purchases are on account.
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