Chapter 13 Statement of Cash Flows 647 EX 13-17 Statement of cash flows-indirect method V Net cash flow The comparative balance sheet of Olson-Jones Industries Inc. for December 31, 20Y2 and 20Yl, from operating is as follows: Obj. 2, 3, 4,5 activities, $38 Dec. 31, 20Y2 Dec. 31, 20Y1 Assets Cash Accounts receivable (net) Inventories . . .. Land OW ME HOW EXCEL TEMPLATE $183 Equipment. . Accumulated depreciation-equipment Total assets 175 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) . . . . . . . Common stock, $1 par. Paid-in capital: Excess of issue price over par-common stock Retained earnings. Total liabilities and stockholders' equity. . . . . . . 125 .. 5742 5625 The following additional information is taken from the records: A. Land was sold for $120 B. Equipment was acquired for cash C. There were no disposals of equipment during the year. D. The common stock was issued for cash E. There was a $62 credit to Retained Earnings for net income. F. There was a $24 debit to Retained Earnings for cash dividends declared. A. Prepare a statement of cash flows, using the indirect method of presenting cash @ operating activities. Was Olson-Jones's net cash flow from operations more or less than net income? What is the source of this difference