Reference no: EM13124305
Aero Incorporation had the following balance sheet at December 31, 2009.
Aero Inc.
Balance Sheet at December 31, 2009
Cash $ 20,000 Accounts payable $ 30,000
Accounts receivable 21,200 Bond payable 41,000
Building 32,000 Common stock 100,000
Plant assets (net) 81,000 Retained earnings 23,200
Land 40,000
194,200 194,200
During year 2010, the following occurred:
1) A tract land was purchased for $38,000.
2) A new building was purchased through the issuance of $30,000 of bond.
2) An additional $30,000 in common stock was issued at par.
3) Dividends totaling $10,000 were declared and paid to stockholder.
4) Net income for 2010 was $35,000, including $12,000 in depreciation expense for plant assets.
5) At December 31, 2010, cash was $38,200; accounts receivable was $42,000 and accounts payable was $40,000.
Instructions:
a) Prepare a statement of cash flows for the year 2010 for Aero Inc.
b) Determine Aero Incorporation's free cash flow.
c) Prepare a balance sheet at December 31, 2010.
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