$45 78 57 112 49 Statement of Cash Flows The comparative balance sheet of Hirayama Industries Inc. for December 31, 20Y2 and 2041, is as follows: Dec. 31, 20Y2 Dec 31, 2011 Assets Cash $139 Accounts receivable (net) Inventories 49 31 Land 128 Equipment 63 Accumulated depreciation-equipment (17) (9) Total Assets $424 $301 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $45 Dividends payable Common stock, $1 par 28 Excess of paid-in capital over par Retained earnings 270 207 Total liabilities and stockholders' equity $424 $301 The following additional information is taken from the records: 1. Land was sold for $40. 2. Equipment was acquired for cash. 3. There were no disposals of equipment during the year. 4. The common stock was issued for cash. 5. There was a $91 credit to Retained Earnings for net income, 6. There was a $28 debit to Retained Earnings for cash dividends declared, $53 8 14 65 35 a. Prepare a statement of cash flows, using the indirect method of presenting Cashflows from (used for operating activities. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments Hirayama Industries Inc. Statement of Cash Flows For the Year Ended December 31, 2012 Cash flows from (used for) operating activities: Adjustments to reconelle net income to net cash flows from (used for) operating activities: Changes in current operating ossets and liabilities: Net cash flow from operating activities Cash flows from (used for) investing activities D D D II : Net cash now from investing activities Cash flows from (used for) financing activities Net cash flows from financing activities Coch balance, January 1, 2012 For the Year Ended December 31, 20Y2 Cash flows from (used for) operating activities: Adjustments to reconcile net Income to net cash flows from (used for) operating activities: Changes in current operating assets and liabilities: Net cash flow from operating activities Cash flows from (used for) Investing activities: Net cash flow from investing activities Cash flows from (used for) financing activities: D 10 Net cash flows from financing activities I Cash balance, January 1, 20Y2 Cash balance, December 31, 2012 b. Was Hirayama Industries Inc.'s net cash flows from operations more or less than net income? Astivate