Coronado Industries has recently decided to go public and has hired you as an in

Question

Coronado Industries has recently decided to go public and has hired you as an independent CPA. One statement that the enterprise is anxious to have prepared is a statement of cash flows. Financial statements of Coronado Industries for 2019 and 2018 are provided below.

$1441000

$1545000

$1441000

$1545000

$ 296000

The following additional data were provided:

Under the direct method, the cash received from customers is

BALANCE SHEETS 12/31/19 12/31/18 Cash $409000 $ 193000 Accounts receivable 362000 214000 Inventory 385000 482000 Property, plant and equipment $607000 $958000 Less accumulated depreciation (322000 ) 285000 (302000 ) 656000

$1441000

$1545000

. Accounts payable $ 175000 $ 97000 Income taxes payable 352000 393000 Bonds payable 361000 600000 Common stock 216000 216000 Retained earnings 337000 239000

$1441000

$1545000

Explanation / Answer

Answer:$8262000

Cash Recd. from Customer = Opening Accounts Receivable + Sales - Closing Accounts Receivable

Cash Recd. from Customer = $214000 + $8410000 - $362000

Cash Recd. from Customer = $8262000

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