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The following information relates to Aires Corporation for 2010 and

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The following information relates to Aires Corporation for
2010 and 2009:
Aires Corporation
Comparative Balance Sheets
December 31, 2010 and 2009
Assets
2010
2009
Change
Cash
$ 21,000
$ 54,000
($ 33,000)
Accounts receivable (net)
421,000
480,000
(59,000)
Inventory
310,000
340,000
(30,000)
Prepaid expenses
17,000
15,000
2,000
Investments
80,000
80,000
0
Land
350,000
300,000
50,000
Building (net)

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680,000
700,000
(20,000)
Equipment (net)
520,000
340,000
180,000
Total assets
$2,399,000
$2,309,000
$ 90,000
Liabilities
Accounts payable
$ 328,000
$ 335,000
($ 7,000)
Accrued liabilities
171,000
170,000
1,000
Income taxes payable
22,000
34,000
(12,000)
Bonds payable
410,000
700,000
(290,000)
Long-term note payable
130,000
0
130,000
Total liabilities
$1,061,000
$1,239,000
($178,000)

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The following information relates to Aires Corporation for 2010 and 2009: Aires Corporation Comparative Balance Sheets December 31, 2010 and 2009 Assets 2010 2009 Change Cash $ 21,000 $ 54,000 ($ 33,000) Accounts receivable (net) 421,000 480,000 (59,000) Inventory 310,000 340,000 (30,000) Prepaid expenses 17,000 15,000 2,000 Investments 80,000 80,000 0 Land 350,000 300,000 50,000 Building (net) 680,000 700,000 (20,000) Equipment (net) 520,000 340,000 180,000 Total assets $2,399,000 $2,309,000 $ 90,000 Liabilities Accounts payable $ 328,000 $ 335,000 ($ 7,000) Accrued liabilities 171,000 170,000 1,000 Income taxes payable 22,000 34,000 (12,000) Bonds payable 410,000 700,000 (290,000) Long-term note payable 130,000 0 130,000 Total liabilities $1,061,000 $1,239,000 ($178,000) Stockholders\' Equity Common stock $ 800,000 $ 600,000 $200,000 Additional paid-in capital 152,000 152,000 0 Retained earnings 386,000 318,000 68,000 Total stockholders\' equity $1,338,000 $1,070,000 $268,000 Total liabilities and stockholders \' equity $2,399,000 $2,309,000 $ 90,000 Additional information: Net income for 2010 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 2010 was $40,000. Depreciation on building for 2010 was $20,000. Reacquired bonds payable at par for $290,000. Declared and paid dividends of $75,000. Issued 20,000 shares of common stock at par value of $10 per sha ...
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