using the indirect method

CORONADO COMPANY Comparative Balance Sheets December 31 Assets 2022 Cash $ 37,500 Accounts receivable 33,000 2021 $ 19.100 20,000 Inventory 30,700 20,200 Property, plant, and equipment 59,700 77.100 Accumulated depreciation (29.900) (23, 100) Total $131.000 $113,300 Liabilities and Stockholders' Equity Accounts payable $28,100 $ 17,000 Income taxes payable 7.200 8,300 Bonds payable 27.800 33.000 Common stock 19.000 14.800 48.900 40.200 Retained earnings Total $ 131,000 $ 113.300 CORONADO COMPANY Income Statement For the Year Ended December 31, 2022 Sales revenue $241.900 177.000 64.900 Cost of goods sold Gross profit Selling expenses Administrative expenses $ 18,150 6,050 24.200 40.700 Income from operations 3.600 Interest expense 37.100 Income before Income taxes 7,420 Income tax expense 529.680 Net Income Additional data: 1. 2 3. Depreciation expense was $ 17,400. Dividends declared and paid were $ 20,980. During the year, equipment was sold for $ 6,800 cash. This equipment originally cost $ 17,400 and had accumulated depreciation of $ 10,600 at the time of sale. Bonds were redeemed at their carrying value. Common stock was issued at par for cash. sf 5. Prepare a statement of cash flows using the Indirect method. Show mounts that decree cash flow with other is 15.000 or in parentheses (15,000 CORONADO COMPANY Statement of Cash Flows monts to reconcile net income to V V DIE eTextbook and Media