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Coronado Company has not yet prepared a statement of cash flows for the 2020 fiscal year. Comparative balance sheets as of December 31, 2019 and
Coronado Company has not yet prepared a statement of cash flows for the 2020 fiscal year. Comparative balance sheets as of December 31, 2019 and 2020, and a statement of income and retained earnings for the year ended December 31, 2020, are presented as follows. CORONADO COMPANY STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED DECEMBER 31, 2020 ($000 OMITTED) Sales revenue $3,770 Expenses Cost of goods sold $1.200 Salaries and benefits 740 Heat, light, and power 80 Depreciation 90 Property taxes 20 Patent amortization 20 Miscellaneous expenses 10 Interest 30 2,190 Income before income taxes 1,580 Income taxes 790 Net income 790 Coronado Company has not yet prepared a statement of cash flows for the 2020 fiscal year. Comparative balance sheets as of December 31, 2019 and 2020, and a statement of income and retained earnings for the year ended December 31, 2020, are presented as follows. CORONADO COMPANY STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED DECEMBER 31, 2020 ($000 OMITTED) Sales revenue $3,770 Expenses Cost of goods sold $1.200 Salaries and benefits 740 Heat, light, and power 80 Depreciation 90 Property taxes 20 Patent amortization 20 Miscellaneous expenses 10 Interest 30 2,190 Income before income taxes 1,580 Income taxes 790 Net income 790
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