DUN SIW ME UW Calculator Sentent or as HOWstrect retrou The comparative balance sheet of Olson-Jones Industries Inc. for December 31, 20Y2 and 2041, is as follows: Dec. 31, 2012 Dec. 31, 2011 Assets Cash $105 Accounts receivable (net) Inventories Land Equipment Accumulated depreciation-equipment Total Assets $323 $220 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Dividends payable Common stock, $1 par Paid-in capital: Excess of issue price over par- common stock Retained earnings 199 151 Total liabilities and stockholders' equity $323 $220 Check My Work TO Valuudio The following additional information is taken from the records: 1. Land was sold for $20. 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 $69 credit to Retained Earnings for net income. 6. There was a $21 debit to Retained Earnings for cash dividends dedared. a. Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. 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, 20Y2 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 Check My Work eBook Show Me How Calculator 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 0 00 00 00 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 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 Check My Work Net cash flow from operating activities Cash flows from (used for) investing activities: Cash from sale of land 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 Net cash flow from financing activities Increase in cash Cash at the beginning of the year Cash at the end of the year Check My Work Calculate the increases and decreases in the current asset/liability accounts over the period. What affect do these increas cash? What items might have had an affect on net income but have no cash impact? What items are considered noncurre Check My Work
