(Answered) Problem - willingham corporations comparative balance

Accounting

Problem - Willingham Corporation's comparative balance sheets are presented below.

WILLINGHAM CORPORATION Comparative Balance Sheets December 31
	2011	2010
Cash	$14,170	$10,750
Accounts receivable	21,150	23,360
Land	20,990	26,300
Building	70,450	70,450
Accumulated depreciation	(15,080)	(10,430)
Total	$111,680	$120,430

Accounts payable	$12,040	$31,050
Common stock	74,860	68,850
Retained earnings	24,780	20,530
Total	$111,680	$120,430

Additional information:

1. Net income was $22,550. Dividends declared and paid were $18,300.

2. All other changes in noncurrent account balances had a direct effect on cash flows, except the change in accumulated depreciation. The land was sold for $4,830.

Required -

Prepare a statement of cash flows for 2011 using the indirect method.

Compute free cash flow.

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