Dec. 31, 2012 Dec. 31, 2011 Assets $60 TAL.. 75 41 167 65 (11) $397 Cash $182 Accounts receivable (net) 103 Inventories 65 Land 148 Equipment 83 Accumulated depreciation-equipment (22) Total Assets $559 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $70 Dividends payable 11 Common stock, $1 par 37 Paid-in capital: Excess of issue price over par- common stock Retained earnings 355 Total liabilities and stockholders' equity $559 The following additional information is taken from the records: 1. Land was sold for $48 $60 19 86 46 272 $397 eBook Show Me How Calculator Printem The following additional information is taken from the records: 1. Land was sold for $48. 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 $120 credit to retained Earnings for net income. 6. There was a $37 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 Olson-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 abilities: Increase in accounts receivable Increase in inven dropdown Increase in accounts payable Net cash flow from operating activities Cash flows from (used for) investing activities: Cash from sale of land [ II II II O Cash used for purchase of equipment Net cash flow from investing activities Gain on sale or land Changes in current operating assets and liabilities: Increase in accounts receivable Increase in inventories Increase in accounts payable Net cash flow from operating activities Cash flows from (used for) investing activities: Cash from sale of land HKSHEETAL.. Cash used for purchase of equipment Net cash flow from Investing activities Cash flows from (used for) financing activities: Cash from sale of common stock Cash used for dividends 0 Net cash flow from financing activities Increase in cash Cash at the beginning of the year Cash at the end of the year b. Was Olson-Jones Industries Inc.'s net cash flow from operations more or less than net income? My Review accrual accounting where revenues are recorded when camed and expenses are recorded when incurred. How does this differ with the concept