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FINANCIAL ACCOUNTING
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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Presented below is the trial balance of Coronado Corporation at December 31, 2025. Cash Sales Revenue Debt Investments (trading) (at cost, $145,000) Cost of Goods Sold Debt Investments (long-term) Equity Investments (long-term) Notes Payable (short-term) Accounts Payable Selling Expenses Investment Revenue Land Buildings Dividends Payable Accrued Liabilities Accounts Receivable Gain Accumulated Depreciation-Buildings Allowance for Doubtful Accounts Administrative Expenses Interest Expense Inventory Notes Payable (long-term) Equipment Bonds Payable Accumulated Depreciation-Equipment Franchises Common Stock ($5 par) Treasury Stock Patents Retained Earnings Balance (before Net Income) Paid-in Capital in Excess of Par Debit $200,230 157,580 4,800,000 302,230 280,230 2,004,580 264,580 1,043,230 439,580 904,550 215,550 600,230 604,580 160,000 195,580 195,000 Credit $8,104,580 94,580 459,580 67,550 139,230 100,580 152,000 29,580 84,550 903,230 1,003,230 60,000 1,004,580 81,230 83.230
Transcribed Image Text:Presented below is the trial balance of Coronado Corporation at December 31, 2025. Cash Sales Revenue Debt Investments (trading) (at cost, $145,000) Cost of Goods Sold Debt Investments (long-term) Equity Investments (long-term) Notes Payable (short-term) Accounts Payable Selling Expenses Investment Revenue Land Buildings Dividends Payable Accrued Liabilities Accounts Receivable Gain Accumulated Depreciation-Buildings Allowance for Doubtful Accounts Administrative Expenses Interest Expense Inventory Notes Payable (long-term) Equipment Bonds Payable Accumulated Depreciation-Equipment Franchises Common Stock ($5 par) Treasury Stock Patents Retained Earnings Balance (before Net Income) Paid-in Capital in Excess of Par Debit $200,230 157,580 4,800,000 302,230 280,230 2,004,580 264,580 1,043,230 439,580 904,550 215,550 600,230 604,580 160,000 195,580 195,000 Credit $8,104,580 94,580 459,580 67,550 139,230 100,580 152,000 29,580 84,550 903,230 1,003,230 60,000 1,004,580 81,230 83.230
Totals $12,367,730 $12.367,730 Prepare a balance sheet at December 31, 2025, for Coronado Corporation. (Ignore income taxes). (List Current Assets in order of liquidity. List Property, Plant, and Equipment in order of Land, Buildings, and Equipment. Enter account name only and do not provide the descriptive information provided in the question) CORONADO CORPORATION Balance Sheet Assets 1000 Liabilities and Stockholders' Equity I
Transcribed Image Text:Totals $12,367,730 $12.367,730 Prepare a balance sheet at December 31, 2025, for Coronado Corporation. (Ignore income taxes). (List Current Assets in order of liquidity. List Property, Plant, and Equipment in order of Land, Buildings, and Equipment. Enter account name only and do not provide the descriptive information provided in the question) CORONADO CORPORATION Balance Sheet Assets 1000 Liabilities and Stockholders' Equity I
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