catement of Cash Flows-Indirect Method The comparative balance sheet of Olson-Jones Industries Inc. for December 31, 20Y2 and 20Y1, is as follows: Dec. 31, 20Y2 Dec. 31, 201 Assets Cash Accounts receivable (net) $139 $45 79 56 Inventories 50 31 Land 114 128 Equipment 64 49 Accumulated depreciation-equipment (17) (9) Total Assets $429 $300 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $54 $45 Dividends payable 9 Common stock, $10 par 28 14 Paid-in capital: Excess of issue price over par-common stock 68 35 Retained earnings 270 206 Total liabilities and stockholders' equity $429 $300 The following additional information is taken from the records: Maps Just Professional. Resort 9BR Family Castle Pines Retre... New folder Book Summary.. Death and Dying F.. The following additional information is taken from the records: 1. Land was sold for $35. 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 $92 credit to Retained Earnings for net income. 6. There was a $28 debit to Retained Earnings for cash dividends declared. a. Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments. Otson-Jones Industries, Inc. Statement of Cash Flows For the Year Ended December 31, 2012 Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash flow from operating activities: Depreciation Gain on sale of land Changes in current operating assets and liabilities Increase in accounts receivable Increase in inventories Increase in accounts payable ... .. * Mas tame nuff. ysis ty-st mail Maps Just Profession Cash paid for purchase of equipment Net cash flow provided by Investing activities Cash flows from financing activities: 00 0 0000 0 Net cash flow provided by financing activities, Cash at the beginning of the year Cash at the end of the year b. Was Olson-Jones's net cash flow from operations more or less than net income? The source(s) of the difference are a. Gain on the sale of land b. Purchase of equipment c. Sale of common stock d. Changes in current operating assets and liabilities e. Depreciation expense f. Dividends paid