Indoor Sporting Goods, Inc. Comparative Balance Sheets December 31, December 31, 2010 2009 Assets: Current assets: Cash .........$ $ Accounts receivable Inventories 391,150 128,900 241,000 190,600 507,000 (164,000) 245,600 123,000 350,400 251,000 353,000 (100,000) Land Equipment ..... Less: accumulated depreciation Total assets. $ 1,294,650 $ 1,223,000 84,200 $ 100,000 Liabilities and Stockholders' Equity: Accounts payable ...................$ Bonds payable Common stock and additional paid-capital 322,500 443,000 420,000 467,950 350,000 330,000 Retained earnings $ 1,223,000 Total liabilities and stockholders' equity .... $1,294,650 Cash from investing activities Sale of land ................................... Purchase of equipment ...................... Increase in prepaid advertising ........................ Net cash used for investing activities Cash from financing activities | Redemption of bonds | Payment of cash dividends ........... Net cash used for financing activities....... Use the following information for Indoor Sporting Goods, Inc., to prepare a statement of cash flows using the Indirect method: (Click the icon to view the balance sheets.) Additional information follows: a. Net income for the fiscal year ended December 31, 2010, was $188,000. b. The company declared and paid cash dividends. c. The company redeemed bonds payable amounting to S120,500 for cash of $120,500. d. The company issued common stock for S70,000 cash. Now prepare a statement of cash flows using the indirect method. Start with the operating activilies, then complete the rest of the statement. (Use parentheses or minus signs to enter cash outflows or decreases in cash. Leave unused cells blank.) Indoor Sporting Goods Inc. Statement of Cash Flows For the Year Ended December 31, 2010 Cash from operating activities Add: Deduct: Net cash provided by operating activities