comparative balance sheet of Pelican Joe Industries Inc. for December 31, 2016 and 2015, is as follows Dec. 31, 2016 Dec. 31, 2015 Assets Cash Accounts receivable (net) 5 Inventories 6 Land 7 Equipment 8 Accumulated depreciation-equipment 9 Total assets 488.00 83.00 171.00 96.00 225.00 (56.00) 1,50700 163.00 03.00 110.00 55.00 71.00 (26.00) $1,076.00 10 Liabilities and Stockholders' Equity 164.00 11 Accounts payable (merchandise creditors) 12 Dividends payable 13 Common stock, $10 pa 14 Paid-in capital: Excess of issue price over par-common stock 15 Retained earnings 16 Total liabilities and stockholders' equity 173.00 26.00 98.00 254.00 956.00 1,507.00 47.00 122.00 743.00 $1,076.00 The following additional information is taken from the records: 1. Land was sold for $122 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 $313 credit to Retained Earnings for net income. 6. There was an $100 debit to Retained Earnings for cash dividends declared. Required: A. Prepare a statement of cash frows, using the indirect method of presenting cash flows from operating acthities. Refer to the Labeis for the exact wording of the answer choices for text entries. Be sure to complete the heading of the statement in the sh and a net cash out flow, if required. In the investing operating activities section, use the minus sign to indicate cash outfows, decreases in ca financing activities section, use a minus sign only to indicate a NET cash outflow for the section. income? What is the source of this difference? B. Was the net cash flow from operations for Pelican Joe Industries Inc. more or less than net Instructions Labels and Amount Descriptions Statement of Cash Flows Labels and Amount Descriptions Labels and Amount Descriptions Amortization of intangible assets Cash paid for dividends Cash paid for purchase of equipment Cash received from sale of common stock Cash received from sale of land December 31, 2016 Decrease in accounts payable Decrease in accounts receivable Decrease in cash Decrease in inventories Depreciation For the Year Ended December 31, 2016 Gain on sale of land Increase in accounts payable Increase in accounts recelivable Increase in cash tatement of cash flows-indirect method Instructions Labels and Amount Descriptions Statement of Cash Flows Labels and Amount Descriptions Depreciation For the Year Ended December 31, 2016 Gain on sale of land Increase in accounts payable Increase in accounts receivable Increase in cash Increase in inventories Loss on sale of land Net cash flow from operating activities Net cash flow used for operating activities Net cash flow from investing activities Net cash flow used for investing activities Net cash flow from financing activities Net cash flow used for financing activities Net income Net I Statement of cash flows-indirect method Instructions Labels and Amount Descriptions Statement of Cash Flows Statement of Cash Flows Final Question Net cash flow from operations was The source(s) of the difference are: more that apply. less D Gain on the sale of land Depreciation expense. Purchase of equipment Changes in current operating assets and liabilities Sale of common stock Net income Net loss
