Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Question - Coronado Inc., a greeting card company, had the following statements prepared as of December 31, 2017.
CORONADO INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016
12/31/17
12/31/16
Cash
$6,000
$7,100
Accounts receivable
61,400
51,500
Short-term debt investments (available-for-sale)
34,600
18,000
Inventory
40,300
60,200
Prepaid rent
4,900
4,000
Equipment
152,400
130,600
Accumulated depreciation-equipment
(34,800)
(25,200)
Copyrights
45,700
49,800
Total assets
$310,500
$296,000
Accounts payable
$46,100
$40,300
Income taxes payable
6,000
Salaries and wages payable
7,900
Short-term loans payable
8,100
10,000
Long-term loans payable
59,700
69,600
Common stock, $10 par
100,000
Contributed capital, common stock
30,000
Retained earnings
54,700
36,100
Total liabilities & stockholders' equity
CORONADO INC. INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2017
Sales revenue
$333,450
Cost of goods sold
174,300
Gross profit
159,150
Operating expenses
118,800
Operating income
40,350
Interest expense
$11,600
Gain on sale of equipment
2,000
9,600
Income before tax
30,750
Income tax expense
6,150
Net income
$24,600
Additional information:
1.
Dividends in the amount of $6,000 were declared and paid during 2017.
2.
Depreciation expense and amortization expense are included in operating expenses.
3.
No unrealized gains or losses have occurred on the investments during the year.
4.
Equipment that had a cost of $19,800 and was 70% depreciated was sold during 2017.
Prepare a statement of cash flows using the indirect method.
The Income Statement section of the worksheet of Smith Company for the year ended December 31, has $169,000 recorded in the Debit column and $193,434 in the Credit column on the line for the Income Summary account. What were the beginning and endi..
in this problem you must create the flexible budget and flexible budget variances for two cost items. i suggest the
Determine Kens and Dens accounts receivable collection period ratio and the number of days' sales in ending inventory during 2000.
the toque cooking academy runs short cooking courses at its small campus. management has identified two cost drivers
The marketing vice president feels that if the company increased its advertising, sales could be increased by 25%. What is the maximum increased advertising cost the company can incur and still report the same income as before the advertising expe..
directlabor-hours per unit annualproductionrims 0.80 13000 unitsposts 0.40 42000 unitsadditional information about the
A description of the purpose and characteristics of the general fund and special revenue funds.
agree or disagree with the statement and explain why a flexible budget is really a series of static budgets. what
using 250-500 words compare the concepts of self-presentation and impression management.1. include some personal
Evaluate Greenwood's internal controls over the sales cycle, and make suggestions for improvements in the internal controls for its sales cycle this needs to be in total 400 words
Describe the programmed input validation checks that you find that prevent or detect the incorrect data input.
Cummings Products Company is considering two mutually exclusive investments. The projects' expected net cash flows are as follows.
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd