Coronado Corporation's comparative balance sheets are presented below. CORONADO CORPORATION Comparative Balance Sheets December 31...
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Coronado Corporation's comparative balance sheets are presented below. CORONADO CORPORATION Comparative Balance Sheets December 31 2020 2019 Cash $29,570 $12,700 Accounts receivable 20,200 27,400 Land 20,000 30,000 Building 72,000 72,000 Accumulated depreciation (19,000) (12,000) Total $122,770 $130,100 Accounts payable $14,370 $35,100 Common stock 79,000 71,000 Retained earnings 29,400 24,000 Total $122,770 $130,100 Additional information: 1. Net income was $31,900. Dividends declared and paid were $26,500. 2. All other changes in noncurrent account balances had a direct effect on cash flows, except the change in accumulated depreciation. The land was sold for $7,900. Oi Casi sing the indirect method. (Show amounts that decrease JOW with eitnera sign e.g. -15,000 or in parenthesis e.g. (15,000).) CORONADO CORPORATION Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flows from Operating Activities Net Income $ 31,900 Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense $ Loss on Sale of Land Decrease in Accounts Receivable 4
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