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(Preparation of a Statement of Cash Flows and Balance Sheet) Aero Inc. had the following balance sheet at the end of operations for 2009. AERO INC.
(Preparation of a Statement of Cash Flows and Balance Sheet)Aero Inc. had the following balance sheet at the end of operations for 2009. AERO INC. Balance Sheet December 31, 2009 Accounts payable $21,200 Bonds payable 41,000 Common stock 100,000 Retained earnings 23,200 Land 40,000$194,200 During 2010 the following occurred. Aero liquidated its available-for-sale investment portfolio at a loss of $5,000.A tract of land was purchased for $38,000.An additional $30,000 in common stock was issued at par.Dividends totaling $10,000 were declared and paid to stockholders.Net income for 2010 was $35,000, including $12,000 in depreciation expense.Land was purchased through the issuance of $30,000in additional bonds.At December 31, 2010, Cash was $70,200, Accounts Receivable was $42,000, and Accounts Payable was $40,000.Prepare a statement of cash flows and a balance sheet for the year 2010 for Aero.
Aero Inc.Statement of cash flows for the year ended December 31, 2010Cash flow from operating activities:Net IncomeAdd: DepreciationAdd: Loss on sale of investmentsAdd: Increase in Accounts...