Problem 54 Your answer is partially correct Try again Presen

Problem 5-4 Your answer is partially correct. Try again Presented below is the balance sheet of Coronado Corporation as of December 31, 2017 CORONADO CORPORATION BALANCE SHEET DECEMBER 31, 2017 Assets Goodwill (Note 2) Buildings (Note 1) Inventory Land Accounts receivable Treasury stock (50,000 shares) Cash on hand Assets allocated to trustee for plant expansion $ 121,740 1,640,000 313,840 950,000 171,740 88,740 177,640 71,740 139,740 $3,675,180 Cash in bank Debt investments (held-to-maturity)

Solution

CORONADO CORPORATION

BALANCE SHEET FOR THE YEAR ENDED DEC.31 .2017

CURRENT ASSET:-

CASH IN HAND 177640

CASH AT BANK 71740

ACCOUNT RECEIVABLE 171740

INVENTORY 313840

TATAL CURRENT ASSET 734960

LONG TERM INVESTMENT:-

BUILDING (1640000-571740) 1068260 LESS DEPRECIATION 411740 656520

LAND 950000

DEBT INVESTMENT 139740  

TOTAL LONG TERM ASSET 1746260

TOTAL ASSET 2481220   

CURRENT LIABILITY:-

NOTES PAYABLE 100000

INCOME TAX PAYABLE 76740

TOTAL CURRENT LIABILITY 176740

LONG TERM LIABILITY:-

NOTES PAYABLE 501740

NONCURRENT INTEREST 56740

COMMON STOCK 1151740 LESS TRESURY STOCK 88740 1063000

RETAINED EARNING 804740 LESS GOODWILL 121740 683000

TOTAL LONG TERM LIABILITY 2304480

TOTAL LIABILTY 2481220