Question: The comparative balance sheet of Winner s Edge Sporting Goods Inc for December

The comparative balance sheet of Winner’s Edge Sporting Goods, Inc. for December 31, 2006 and 2005 is as follows:

The following additional information was taken from the records:
a. The investments were sold for $132,000 cash.
b. Equipment and land were acquired for cash.
c. There were no disposals of equipment during the year.
d. The common stock was issued for cash.
e. There was a $180,600 credit to Retained Earnings for net income.
f. There was a $56,000 debit to Retained Earnings for cash dividends declared.

Prepare a statement of cash flows, using the indirect method of presenting cash flows from operatingactivities.

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  • CreatedNovember 12, 2012
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