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Instructions 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
Instructions 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 52 $156.00 197.00 Accounts receivable (net) Inventories $489.00 283.00 174.00 398.00 228.00 165.00) 112.00 445.00 Equipment 172.00 Accumulated depreciation equipment 32.00 Total assets $1.507.00 $1.050.00 Liabilities and Stockholders' Equity che creditor) 5177.00 5155.00 Instructions 12 Dividends payable 30.00 13 Common stock. $1 par 96.00 49.00 14 Paid-in capital: Excess of issue price over par-common stock 250.00 130.00 15 Retained earnings 954.00 716.00 15 Total Liabilities and stockholders' equity $1,507.00 $1,050.00 The following additional information is taken from the records 1. Land was sold for $129 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 $339 credit to Retained Earnings for net income 6. There was an $101 debit to Retained Earnings for cash dividends declared Required: A Prepare a statement of cash flows, using the indirect method of presenting cash rows from.coerating activities Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Be sure to complete the heading of the statement Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments. B. Was the net cash flow from operations for Olson Jones Industries Inc more or less than net income? What is the source of this difference? Student of Cash Flows A Prepare a statement of cash flow ng the indirect method of presenting och fo r t s Refer to the Label and Amount Description is provided for the en for extents Be sure to complete the heading of the statement Use the minus wign to indicate cash out flows, cash payments, decreases in cash, or any negative ents d of the che Oon Jones Industries Inc Statement of Cash Flows Adments to content income to be show e r activities: ng operating a nd Statement of Cash Flows 11 Cash flows from (used for) investing activities: 15 Cash flows from (used for) financing activities: 20 Cash at the beginning of the year 21 Cash at the end of the year Final Question B. Was the net cash flow from operations for Olson-Jones Industries Inc more or less than net income? What is the source of this difference? Net cash flow from operations was than net income The source(s) of the difference are: Check all that apply Sale of common stock Depreciation expense Changes in current operating assets and liabilities Purchase of equipment Gain on the sale of land Dividends pad
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