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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.
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