Use the following information for Eriksen Sporting Goods, Inc., to prepare a statement of cash flows using the indirect method:

Additional information follows:
a. Net income for the fiscal year ended December 31, 2010, was $190,000.
b. The company declared and paid cash dividends.
c. The company redeemed bonds payable amounting to $120,000 for cash of $120,000.
d. The company issued common stock for $40,000cash.

Transcribed Image Text:

Eriksen Sporting Goods, Inc. Comparative Balance Sheets December 31, 2010 December 31 2009 Assets Cash Accounts receivable . Inventories. Land Equipment Accumulated depreciation Total assets Liabilities and Shareholders Equity .. . . … 市386,000 串241,000 120,000 350,000 240,000 360,000 ...150,000) (90,000) $1,294.000 $1221000 128.000 240,000 190.000 500,000 Bonds payable Common stock and additional paid-in capital Retained earnings Total liabilities and shareholders' equity 320.000 400.000 440,000 360,000 490,000 821000 000 $1221.000