Here are comparative balance sheets for Christensen Company

Additional information:
Net income for 2011 was $103,000.
Cash dividends of $45,000 were declared and paid.
Bonds payable amounting to $50,000 were redeemed for cash $50,000.
Common stock was issued for $42,000 cash.
No equipment was sold during 2011 but land was sold at cost.
Instruction
Prepare a statement of cash flows for 2011 using the indirect method.

Transcribed Image Text:

CHRISTENSEN COMPANY Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventories Land Equipment Accumulated depreciation 2011 73,000 85,000 70,000 75,000 260,000 (66,000) $597,000 2010 22,000 76,000 189,000 100,000 200,000 (32,000) $555,000 Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings 39,000 150,000 216,000 192,000 $597,000 $ 47,000 200,000 174,000 134,000 $555,000 Total