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Coronado Inc. Income Statement For the Year Ending December 31, 2025 Sales revenue Cost of goods sold Gross profit $340,650 175,900 164,750 Operating expenses 121,000 Operating income 43,750 Interest expense $11,500 Gain on sale of equipment 2,000 9,500 Income before tax 34,250 Income tax expense 6,850 Net income $27,400 Additional informatione 1 Dividends in the amount of $6.000 were declared and paid during 2025. Depreciation expense and amortization experse are included in operating expenses. 2 3. Nourrains or losses have occurred on the investments during the year. 4. Equipment that had a cost of $20,200 and was 70% depreciated as sold during 2025. Prepare a statement of cash flows using the direct method. (Do not prepare a reconciliation schedule) (Show mounts in the investing and financing sections that decrease cash flow with either a signes 15,000 or in parentheses (15,000)) CORONADO INC. STATEMENT OF CASH FLOWS Coronado Inc., a greeting card company, had the following statements prepared as of December 31, 2025. Coronado Inc. Comparative Balance Sheet As of December 31, 2025 and 2024 12/31/25 12/31/24 Cash $5,900 $7,000 Accounts receivable 62,500 51,200 Short-term debt investments (available-for-sale) 35,300 17,900 Inventory 39,800 60,100 Prepaid rent 5,100 3,900 Equipment 155,200 130,400 Accumulated depreciation-equipment (34,700) (25,200) Copyrights 45,500 50,400 Total assets $314,600 $295,700 Accounts payable $46,100 $39,900 Income taxes payable 4,100 6,000 Salaries and wages payable 8,000 4,000 Short-term loans payable 8,000 10,100 Long-term loans payable 60,400 69,100 Common stock, $10 par 100,000 100,000 Paid-in capital, common stock 30,000 30,000 Retained earnings 58,000 36,600 Total liabilities and stockholders' equity $314,600 $295,700

Coronado Inc. Income Statement For the Year Ending December 31, 2025 Sales revenue Cost of goods sold Gross profit $340,650 175,900 164,750 Operating expenses 121,000 Operating income 43,750 Interest expense $11,500 Gain on sale of equipment 2,000 9,500 Income before tax 34,250 Income tax expense 6,850 Net income $27,400 Additional informatione 1 Dividends in the amount of $6.000 were declared and paid during 2025. Depreciation expense and amortization experse are included in operating expenses. 2 3. Nourrains or losses have occurred on the investments during the year. 4. Equipment that had a cost of $20,200 and was 70% depreciated as sold during 2025. Prepare a statement of cash flows using the direct method. (Do not prepare a reconciliation schedule) (Show mounts in the investing and financing sections that decrease cash flow with either a signes 15,000 or in parentheses (15,000)) CORONADO INC. STATEMENT OF CASH FLOWS Coronado Inc., a greeting card company, had the following statements prepared as of December 31, 2025. Coronado Inc. Comparative Balance Sheet As of December 31, 2025 and 2024 12/31/25 12/31/24 Cash $5,900 $7,000 Accounts receivable 62,500 51,200 Short-term debt investments (available-for-sale) 35,300 17,900 Inventory 39,800 60,100 Prepaid rent 5,100 3,900 Equipment 155,200 130,400 Accumulated depreciation-equipment (34,700) (25,200) Copyrights 45,500 50,400 Total assets $314,600 $295,700 Accounts payable $46,100 $39,900 Income taxes payable 4,100 6,000 Salaries and wages payable 8,000 4,000 Short-term loans payable 8,000 10,100 Long-term loans payable 60,400 69,100 Common stock, $10 par 100,000 100,000 Paid-in capital, common stock 30,000 30,000 Retained earnings 58,000 36,600 Total liabilities and stockholders' equity $314,600 $295,700

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Coronado Inc. Income Statement For the Year Ending December 31, 2025 Sales revenue Cost of goods sold Gross profit $340,650 175,900 164,750 Operating expenses 121,000 Operating income 43,750 Interest expense $11,500 Gain on sale of equipment 2,000 9,500 Income before tax 34,250 Income tax expense 6,850 Net income $27,400 Additional informatione 1 Dividends in the amount of $6.000 were declared and paid during 2025. Depreciation expense and amortization experse are included in operating expenses. 2 3. Nourrains or losses have occurred on the investments during the year. 4. Equipment that had a cost of $20,200 and was 70% depreciated as sold during 2025. Prepare a statement of cash flows using the direct method. (Do not prepare a reconciliation schedule) (Show mounts in the investing and financing sections that decrease cash flow with either a signes 15,000 or in parentheses (15,000)) CORONADO INC. STATEMENT OF CASH FLOWS
Transcribed Image Text:Coronado Inc. Income Statement For the Year Ending December 31, 2025 Sales revenue Cost of goods sold Gross profit $340,650 175,900 164,750 Operating expenses 121,000 Operating income 43,750 Interest expense $11,500 Gain on sale of equipment 2,000 9,500 Income before tax 34,250 Income tax expense 6,850 Net income $27,400 Additional informatione 1 Dividends in the amount of $6.000 were declared and paid during 2025. Depreciation expense and amortization experse are included in operating expenses. 2 3. Nourrains or losses have occurred on the investments during the year. 4. Equipment that had a cost of $20,200 and was 70% depreciated as sold during 2025. Prepare a statement of cash flows using the direct method. (Do not prepare a reconciliation schedule) (Show mounts in the investing and financing sections that decrease cash flow with either a signes 15,000 or in parentheses (15,000)) CORONADO INC. STATEMENT OF CASH FLOWS
Coronado Inc., a greeting card company, had the following statements prepared as of December 31, 2025. Coronado Inc. Comparative Balance Sheet As of December 31, 2025 and 2024 12/31/25 12/31/24 Cash $5,900 $7,000 Accounts receivable 62,500 51,200 Short-term debt investments (available-for-sale) 35,300 17,900 Inventory 39,800 60,100 Prepaid rent 5,100 3,900 Equipment 155,200 130,400 Accumulated depreciation-equipment (34,700) (25,200) Copyrights 45,500 50,400 Total assets $314,600 $295,700 Accounts payable $46,100 $39,900 Income taxes payable 4,100 6,000 Salaries and wages payable 8,000 4,000 Short-term loans payable 8,000 10,100 Long-term loans payable 60,400 69,100 Common stock, $10 par 100,000 100,000 Paid-in capital, common stock 30,000 30,000 Retained earnings 58,000 36,600 Total liabilities and stockholders' equity $314,600 $295,700
Transcribed Image Text:Coronado Inc., a greeting card company, had the following statements prepared as of December 31, 2025. Coronado Inc. Comparative Balance Sheet As of December 31, 2025 and 2024 12/31/25 12/31/24 Cash $5,900 $7,000 Accounts receivable 62,500 51,200 Short-term debt investments (available-for-sale) 35,300 17,900 Inventory 39,800 60,100 Prepaid rent 5,100 3,900 Equipment 155,200 130,400 Accumulated depreciation-equipment (34,700) (25,200) Copyrights 45,500 50,400 Total assets $314,600 $295,700 Accounts payable $46,100 $39,900 Income taxes payable 4,100 6,000 Salaries and wages payable 8,000 4,000 Short-term loans payable 8,000 10,100 Long-term loans payable 60,400 69,100 Common stock, $10 par 100,000 100,000 Paid-in capital, common stock 30,000 30,000 Retained earnings 58,000 36,600 Total liabilities and stockholders' equity $314,600 $295,700
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