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 CORONADO COMPANY Comparative Balance Sheets December 31 2 3. 5. 2022 $67,160 Net income for 2022 was $92,000. 80,040 156,400 66,240 239,200 (50,720) $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 $43,240 193,200 160,080 115,920 $512,440 Cash dividends of $30,350 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.

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 CORONADO COMPANY Comparative Balance Sheets December 31 2 3. 5. 2022 $67,160 Net income for 2022 was $92,000. 80,040 156,400 66,240 239,200 (50,720) $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 $43,240 193,200 160,080 115,920 $512,440 Cash dividends of $30,350 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.

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter16: Financial Statement Analysis

Section: Chapter Questions

Problem 4PB

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