Aero inc. had the following balance sheet at december 31, Ask an Expert

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Aero Inc. had the following balance sheet at December 31, 2011.

AERO INC.
BALANCE SHEET
DECEMBER 31, 2011
Cash $ 23,210 Accounts payable $ 33,210
Accounts receivable 24,410 Bonds payable 44,210
Investments 32,000 Common stock 103,210
Plant assets (net) 84,210 Retained earnings 26,410
Land 43,210 $207,040
$207,040

During 2012, the following occurred.

1. Aero liquidated its available-for-sale investment portfolio at a loss of $8,210.

2. A tract of land was purchased for $41,210.

3. An additional $30,000 in common stock was issued at par.

4. Dividends totaling $13,210 were declared and paid to stockholders.

5. Net income for 2012 was $38,210, including $15,210 in depreciation expense.

6. Land was purchased through the issuance of $33,210 in additional bonds.

7. At December 31, 2012, Cash was $73,410, Accounts Receivable was $45,210, and Accounts Payable was $43,210.

(a)

Prepare a statement of cash flows for the year 2012 for Aero.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M938663

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