The statement of financial position for Johnson Company at the beginning and end of 2011 follows:
JOHNSON COMPANY
Statement of Financial Position

1. No property, plant, or equipment was sold.
2. Depreciation expense was $25,000.
3. No long-term debt was repaid.
4. Net earnings were $35,000.
5. No dividends were declared or paid.
Required:
Prepare a statement of cash flows for the year ended December 31, 2011.

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Dec. 31, 2011 Dec. 31, 2010 Assets Current assets: 50,000 81,000 92,000 30,000 3,000 5,000 (325,000) 470,000 $723,000 S 55,000 95.000 75,000 40,000 265,000 750,000 300,000) Accounts receivable Inventories Prepaid expenses Total current assets Property, plant, and equipment Accumulated depreciation Total non-current assets Total assets 450,000 $715,000 Liabilities and shareholders' equity Current liabilities: Accounts payable Wages payable $ 33.000 20,000 53,000 125,000 178,000 $110,000 40,000 150,000 00,000 250,000 Total current liabilities Bonds payable Total liabilities Shareholders' equity: Share capital Retained earnings 320,000 225,000 545,000 5723.000 275,000 190,000 465,000 $715,000 Total shareholders' equity Total liabilities and shareholders equity