Coronado Inc. had the following balance sheet at December 31, 2019. CORONADO INC. BALANCE SHEET DECEMBER 31, 2019 Cash $ 24,780 Accounts payable $ 34,780 Accounts receivable 25,980 Bonds payable 45,780 Investments 32,000 Common stock 104,780 Plant assets (net) 85,780 Retained earnings 27,980 Land 44,780 $213,320 $213,320 During 2020, the following occurred. 1. Coronado liquidated its available-for-sale debt investment portfolio at a loss of $9,780. 2. A tract of land was purchased for $42,780. 3. An additional $30,000 in common stock was issued at par. 4. Dividends totaling $14,780 were declared and paid to stockholders. 5. Net income for 2020 was $39,780, including $16,780 in depreciation expense. 6. Land was purchased through the issuance of $34,780 in additional bonds. 7. At December 31, 2020, Cash was $74,980, Accounts Receivable was $46,780, and Accounts Payable was $44,780. 2. Prepare an unclassified balance sheet as it would appear at December 31, 2020. 3. Compute two cash flow ratios
Coronado Inc. had the following balance sheet at December 31, 2019. CORONADO INC. BALANCE SHEET DECEMBER 31, 2019 Cash $ 24,780 Accounts payable $ 34,780 Accounts receivable 25,980 Bonds payable 45,780 Investments 32,000 Common stock 104,780 Plant assets (net) 85,780 Retained earnings 27,980 Land 44,780 $213,320 $213,320 During 2020, the following occurred. 1. Coronado liquidated its available-for-sale debt investment portfolio at a loss of $9,780. 2. A tract of land was purchased for $42,780. 3. An additional $30,000 in common stock was issued at par. 4. Dividends totaling $14,780 were declared and paid to stockholders. 5. Net income for 2020 was $39,780, including $16,780 in depreciation expense. 6. Land was purchased through the issuance of $34,780 in additional bonds. 7. At December 31, 2020, Cash was $74,980, Accounts Receivable was $46,780, and Accounts Payable was $44,780. 2. Prepare an unclassified balance sheet as it would appear at December 31, 2020. 3. Compute two cash flow ratios
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter21: The Statement Of Cash Flows
Section: Chapter Questions
Problem 13P: Comprehensive The following are Farrell Corporations balance sheets as of December 31, 2019, and...
Related questions
Question
Coronado Inc. had the following
CORONADO INC. |
||||||
Cash | $ 24,780 | Accounts payable | $ 34,780 | |||
25,980 | Bonds payable | 45,780 | ||||
Investments | 32,000 | Common stock | 104,780 | |||
Plant assets (net) | 85,780 | 27,980 | ||||
Land | 44,780 | $213,320 | ||||
$213,320 |
During 2020, the following occurred.
1. | Coronado liquidated its available-for-sale debt investment portfolio at a loss of $9,780. | |
2. | A tract of land was purchased for $42,780. | |
3. | An additional $30,000 in common stock was issued at par. | |
4. | Dividends totaling $14,780 were declared and paid to stockholders. | |
5. | Net income for 2020 was $39,780, including $16,780 in |
|
6. | Land was purchased through the issuance of $34,780 in additional bonds. | |
7. |
At December 31, 2020, Cash was $74,980, Accounts Receivable was $46,780, and Accounts Payable was $44,780. |
2. Prepare an unclassified balance sheet as it would appear at December 31, 2020.
3. Compute two cash flow ratios
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning