Answered step by step
Verified Expert Solution
Question
1 Approved Answer
PROBLEM VI ng information relates to Aires Corporation for 20x2 and 20x Aires Corporation Comparative Balance Sheets December 31, 20x2 and 20x1 20x220x1Change $ 21,000
PROBLEM VI ng information relates to Aires Corporation for 20x2 and 20x Aires Corporation Comparative Balance Sheets December 31, 20x2 and 20x1 20x220x1Change $ 21,000 54, 000 (S 33,000) 421,000 480,000 (59,000) 310,000 340,000 (30,000) 17,000 15, 000 2,000 Assets Cash Accounts receivable (net) Inventory Prepaid expenses Investments Land Building (net) 80,000 80,000 350,000 300,000 50,000 680, 000 700,000 (20,000) 520,000 340,000 180,000 Equipment (net) Total assets Liabilities s 328,000 335, 000 (S 7,000) Accounts payable Accrued liabilities Income taxes payable 1,000 34,000 (12,000) 171,000 170, 000 22,000 410,000 700,000 (290,000) 130, 000 Bonds payable Long-term note payable Total liabilities 0 130.000 000 ($178,000 $ 1,061,000 $1,239, Stockholders' Equity s 800, 000 600, 000 $200,000 Common stock Paid-in capital in excess of par value, common Retained earnings Total stockholders' equity Total liabilities and stockholders" 152,000 152,000 386, 000318,000 68,000 $1,338, 000 S1,070, 000 $268,000 equity Additional information Net income for 20x2 was $143,000 Issued a long-term note payable in exchange for computer equipment for $130,000. Purchased computer terminals for $90,000. Depreciation on equipment for 20x2 was $40,000 Depreciation on building for 20x2 was $20,000. Reacquired bonds payable at par for $290,000 Declared and paid dividends Issued 20,000 shares of common stock at par value of $10 per share. Paid $50,000 for land intended for a new plant site. Required : Prepare a statement of cash flows using the indirect method. Include a schedule of noncash investing and financing transactions, if applicable
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started