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Comparative balance sheet accounts of Coronado Company are presented below CORONADO COMPANY COMPARATIVE BALANCE SHEET ACCOUNTS AS OFDECEMBER 31 ebit Balances 2017 $70,400 154,300 2016
Comparative balance sheet accounts of Coronado Company are presented below CORONADO COMPANY COMPARATIVE BALANCE SHEET ACCOUNTS AS OFDECEMBER 31 ebit Balances 2017 $70,400 154,300 2016 $51,500 129,500 61,700 84,900 47,700 145,500 24,900 $610,500 $545,700 as Accounts Receivable Inventory Debt investments (available-for-sale) Equipment Buildings Land 75,000 55,300 69,700 145,500 40,300 Totals redit Balances Allowance for Doubtful Accounts Accumulated Depreciation-Equipment Accumulated Depreciation-Buildings Accounts Payable Income Taxes Payable Long-Term Notes Payable Common Stock Retained Earnings $8,000 13,900 28,000 60,500 9,900 70,000 260,000 95,400 $610,500 $545,700 $10,100 20,800 37,100 65,500 12,000 62,000 310,000 93,000 Totals Additional data 1. Equipment that cost $9,900 and was 60% depreciated was sold in 2017. 2. Cash dividends were declared and paid during the year, 3. Common stock was issued in exchange for land 4. Investments that cost $34,800 were sold during the year. 5. There were no write-offs of uncollectible accounts during the year. Coronado's 2017 income statement is as follows. $947,700 594,600 353,100 251,900 101,200 Sales revenue Less: Cost of goods sold Gross profit Less: Operating expenses (includes depreciation expense and bad debt expense) Income from operations Other revenues and expenses Gain on sale of investments $15,000 Loss on sale of equipment Income before taxes Income taxes Net income (3,000) 12,000 113,200 45,500 $67,700 (a) Compute net cash provided by operating activities under the direct method. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Net cash flow from operating activities (b) Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a sign e.g. -15,000 or in parenthesis e.g. (15,000).) CORONADO COMPANY Statement of Cash Flows Adjustments to reconcile net income to
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