eBook Show Me How Calculator Print Item Statement of Cash FlowsIndirect Method The comparative balance sheet of Olson-Jones Industries Inc. for December 31, 20Y2 and 20Y1, is as follows: Dec. 31, Dec. 31, 20Y2 20Y1 Assets Cash $170 $56 Accounts receivable (net) 96 70 Inventories 60 39 Land 138 159 Equipment 77 61 Accumulated depreciationequipment (21) (11) > Total Assets $520 $374 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $66 $56 Dividends payable 10 Common stock, $1 par 34 18 Paid-in capital: Excess of issue price over par common stock 76 44 Retained earnings 334 256 Total liabilities and stockholders' equity $520 $374 Check My Work 2 more Check My Work uses remaining. ( Previous Next ) eBook Show Me How Calculator Print Item The following additional information is taken from the records: 1. Land was sold for $53. 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 $112 credit to Retained Earnings for net income. 6. There was a $34 debit to Retained Earnings for cash dividends declared. 3. Prepare a statement of cash flows, using the indirect method of presenting cash ows from operating activities. Use the minus sign to indicate cash out ows, cash payments, decreases in cash, or any negative adjustments. Olson-Jones Industries Inc. Statement of Cash Flows For the Vear Ended December 31, 20V: Cash flows from operating activities: Net income 3; Adjustments to reconcile net income to net cash ow 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 im an D Net cash flow from operating activities $ C ck My Work 2 more Check My Work uses remaining. ( Previous Next ) eBook Show Me How Calculator Print Item Gain on sale of land Changes in current operating assets and liabilities: Increase in accounts receivable Increase in inventories Increase in accounts payable NW N Net cash flow from operating activities $:] Cash flows from (used for) investing activities: Cash from sale of land 3; W Cash used for purchase of equipment Net cash flow from investing activities [:l ) Cash flows from (used for) nancing activities: Cash from sale of common stock $ Cash used for dividends W Net cash flow from nancing 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? Check My Work 2 more Check My Work uses remaining. ( Previous NEXt )