Coronado Industries Comparative Balance Sheets . December 31, 2022 2021 Assets: Current Assets: Cash $ 1380000 $1100000 Accounts Receivable (net) 3100000 2170000 Inventory 3950000 2510000 Prepaid Expenses 704000 631000 Total Current Assets 9134000 6411000 Long-Term Investments 450000 Plant Assets: Property, Plant & Equipment 4360000 2879000 Accumulated Depreciation (901000 ) (539000 ) Total Plant Assets 3459000 2340000 Total Assets $13043000 $8751000 . Equities: Current Liabilities: Accounts Payable $2550000 $2190000 Accrued Expenses 617000 566000 Dividends Payable 403000 Total Current Liabilities 3570000 2756000 Long-Term Notes Payable 1648000 Stockholders' Equity: Common Stock 6000000 4600000 Retained Earnings 1825000 1395000 Total Equities $13043000 $8751000 Coronado Industries Comparative Income Statements . December 31, 2022 2021 Net Credit Sales $14030000 $7505000 Cost of Goods Sold 7830000 3764000 Gross Profit 6200000 3741000 Operating Expenses (including Income Tax) 5172000 2750000 Net Income $1028000 $ 991000 Additional Information: a. Accounts receivable and accounts payable relate to merchandise held for sale in the normal course of business. The allowance for bad debts was the same at the end of 2022 and 2021, and no receivables were charged against the allowance. Accounts payable are recorded net of any discount and are always paid within the discount period. b. The proceeds from the note payable were used to finance the acquisition of property, plant, and equipment. Capital stock was sold to provide additional working capital. What amount of cash was paid on accounts payable to suppliers during 2022? a. $7530000. b. $9270000. c. $8250000. d. $8910000.

Coronado Industries Comparative Balance Sheets . December 31, 2022 2021 Assets: Current Assets: Cash $ 1380000 $1100000 Accounts Receivable (net) 3100000 2170000 Inventory 3950000 2510000 Prepaid Expenses 704000 631000 Total Current Assets 9134000 6411000 Long-Term Investments 450000 Plant Assets: Property, Plant & Equipment 4360000 2879000 Accumulated Depreciation (901000 ) (539000 ) Total Plant Assets 3459000 2340000 Total Assets $13043000 $8751000 . Equities: Current Liabilities: Accounts Payable $2550000 $2190000 Accrued Expenses 617000 566000 Dividends Payable 403000 Total Current Liabilities 3570000 2756000 Long-Term Notes Payable 1648000 Stockholders' Equity: Common Stock 6000000 4600000 Retained Earnings 1825000 1395000 Total Equities $13043000 $8751000 Coronado Industries Comparative Income Statements . December 31, 2022 2021 Net Credit Sales $14030000 $7505000 Cost of Goods Sold 7830000 3764000 Gross Profit 6200000 3741000 Operating Expenses (including Income Tax) 5172000 2750000 Net Income $1028000 $ 991000 Additional Information: a. Accounts receivable and accounts payable relate to merchandise held for sale in the normal course of business. The allowance for bad debts was the same at the end of 2022 and 2021, and no receivables were charged against the allowance. Accounts payable are recorded net of any discount and are always paid within the discount period. b. The proceeds from the note payable were used to finance the acquisition of property, plant, and equipment. Capital stock was sold to provide additional working capital. What amount of cash was paid on accounts payable to suppliers during 2022? a. $7530000. b. $9270000. c. $8250000. d. $8910000.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 24CE

See similar textbooks

Related questions

Question

Coronado Industries
Comparative Balance Sheets
.
			December 31,
				2022			2021
Assets:
Current Assets:
	Cash		$ 1380000			$1100000
	Accounts Receivable (net)		3100000			2170000
	Inventory		3950000			2510000
	Prepaid Expenses		704000			631000
		Total Current Assets		9134000			6411000
Long-Term Investments		450000
Plant Assets:
	Property, Plant & Equipment		4360000			2879000
	Accumulated Depreciation		(901000	)		(539000	)
		Total Plant Assets		3459000			2340000
Total Assets		$13043000			$8751000
.
Equities:
Current Liabilities:
	Accounts Payable		$2550000			$2190000
	Accrued Expenses		617000			566000
	Dividends Payable		403000
		Total Current Liabilities		3570000			2756000
Long-Term Notes Payable		1648000
Stockholders' Equity:
	Common Stock		6000000			4600000
	Retained Earnings		1825000			1395000
Total Equities		$13043000			$8751000

Coronado Industries
Comparative Income Statements
.
		December 31,
			2022	2021
Net Credit Sales	$14030000		$7505000
Cost of Goods Sold	7830000		3764000
Gross Profit	6200000		3741000
Operating Expenses (including Income Tax)	5172000		2750000
Net Income	$1028000		$ 991000

Additional Information:

	a.	Accounts receivable and accounts payable relate to merchandise held for sale in the normal course of business. The allowance for bad debts was the same at the end of 2022 and 2021, and no receivables were charged against the allowance. Accounts payable are recorded net of any discount and are always paid within the discount period.
	b.	The proceeds from the note payable were used to finance the acquisition of property, plant, and equipment. Capital stock was sold to provide additional working capital.

What amount of cash was paid on accounts payable to suppliers during 2022?

a. $7530000.

b. $9270000.

c. $8250000.

d. $8910000.

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.