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The comparative balance sheets for Coronado Corporation show the following information. December 31 2020 2019 Cash $33,100 $13,000 Accounts receivable 12,300 10,100 Inventory 11,900 8,900
The comparative balance sheets for Coronado Corporation show the following information. December 31 2020 2019 Cash $33,100 $13,000 Accounts receivable 12,300 10,100 Inventory 11,900 8,900 Available-for-sale debt investments -0- 3,100 Buildings -0- 29,500 Equipment 45,300 19,800 Patents 5,100 6,300 $107,700 $90,700 Allowance for doubtful accounts $2,900 $4,500 Accumulated depreciation equipment 2,000 4,500 Accumulated depreciation-building -0- 6,000 Accounts payable 5,100 3,100 Dividends payable -O- 4,900 Notes payable, short-term (nontrade) 3,000 4,000 Long-term notes payable 31,000 25,000 Common stock 43,000 33,000 Retained earnings 20,700 5,700 $107,700 $90,700 Additional data related to 2020 are as follows. 1. Equipment that had cost $10,900 and was 40% depreciated at time of disposal was sold for $2,500. 2. $10,000 of the long-term note payable was paid by issuing common stock. 3. Cash dividends paid were $4,900. 4. 4 On January 1, 2020, the building was completely destroyed by a flood. Insurance proceeds on the building were $30,200 (net of $1,900 taxes). 5. Debt investments (available-for-sale) were sold at $1,700 above their cost. The company has made similar sales and investments in the past. 6. Cash was paid for the acquisition of equipment. 7. Along-term note for $16,000 was issued for the acquisition of equipment. 8. Interest of $1,900 and income taxes of $6,500 were paid in cash. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with elthera-sign eg.-1 parenthesis eg. (15,000.) CORONADO CORPORATION Statement of Cash Flows For the Year Ended December 31, 2020 Adjustments to reconcile net income to > > > A
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