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Category > Accounting Posted 18 Aug 2017 My Price 7.00

Aero Inc

Aero Inc. had the following balance sheet at December 31, 2013.

AERO INC.
BALANCE SHEET
DECEMBER 31, 2013

Cash

  

$ 21,100

  

Accounts payable

  

$ 31,100

Accounts receivable

  

22,300

  

Bonds payable

  

42,100

Investments

  

32,000

  

Common stock

  

101,100

Plant assets (net)

  

82,100

  

Retained earnings

  

24,300

Land

  

41,100

  

Total Liability & Equity

  

$198,600

Total assets

  

$198,600

        

During 2014, the following occurred.

1.

  

Aero liquidated its available-for-sale investment portfolio at a loss of $6,100.

2.

  

A tract of land was purchased for $39,100.

3.

  

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

4.

  

Dividends totaling $11,100 were declared and paid to stockholders.

5.

  

Net income for 2014 was $36,100, including $13,100 in depreciation expense.

6.

  

Land was purchased through the issuance of $31,100 in additional bonds (a non-cash transaction).

7.

  

At December 31, 2014, Cash was $71,300, Accounts Receivable was $43,100, and Accounts Payable was $41,100.

Prepare a statement of cash flows for the year 2014 for Aero.

Answers

Maurice Tutor
(5)
Status NEW Posted 18 Aug 2017 10:08 PM My Price 7.00

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