Answers for A and B

Statement of Cash Flows-Indirect Method The comparative balance sheet of Olson-Jones Industries inc. for December 31,20Y2 and 20Y1, is as follows: The following additional information is taken from the records: 1. Land was sold for $120. 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 $62 credit to Retained Earnings for net income. 6. There was a $24 debit to Retained Earnings for cash dividends dedared. a. Prepare a statement of cash ftows, using the indirect method of presenting Cash flows from eperating activities. Use the minus sign to indicate cash out flows, cash Davments, decreases in cash, or any negative adjustments. T chan My when Calculate the increases and decreases in the current asset/iability accounts over the period. What affect do these increases/decreases have on cash? What. items might have had an affect on net income but have no cash impact? What items are considered noncurrent assets? b. Was otson-Jones industries Incis net cash flow from operations more or less than net income