lows-Indirect Method The comparative balance sheet of Olson-Jones Industries Inc. for December 31, 2012 and 2041, is as follows: Dec. 31, 2012 Dec 31, 20Y1 Assets $183 Accounts receivable (net) Inventories Cash $14 55 49 Land 117 99 250 330 Equipment Accumulated depreciation-equipment 205 175 UR (68) (42) Total assets w $742 $625 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $51 $37 Dividends payable 5 Common stock, $1 par 125 80 Paid-in capital in excess of par-common stock 85 70 Retained earnings 476 438 Total liabilities and stockholders' equity $742 $625 The following additional information is taken from the records: a. Land was sold for $120. b. Equipment was acquired for cash. c. There were no disposals of equipment during the year. d. The common stock was issued for cash. e. There was a $62 credit to Retained Earnings for net income. f. There was a $24 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. Use the minus sign to indicate cash out flows, cash payments decreases in cash, or any negative adjustments. Olson-Jones Industries, Inc. 447 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 (used for) operating activities: Adjustments to reconcile net income to net cash flow from operating activities: Changes in current operating assets and liabilities: > I I h Net cash flow from operating activities Cash flows from (used for) investing activities: Net cash flow from investing activities Cash flows from (used for) financing activities: Net cash flow from financing activities Cash balance, January 1, 2012 Cash balance, December 31, 2012 b. Was Olson-Jones's net cash flow from operations more or less than net income? activities: nentMai FOR UNDERS Update Changes in current operating assets and liabilities: Net cash flow from operating activities Cash flows from (used for) investing activities: JO DO W1 O Net cash flow from investing activities Cash flows from (used for) financing activities: Net cash flow from financing activities Cash balance, January 1, 20Y2 Cash balance, December 31, 2012 0000 b. Was Olson-Jones's net cash flow from operations more or less than net income? The source(s) of the difference are: a. Gain on the sale of land b. Purchase of equipment C. Sale of common stock d. Changes in current operating assets and liabilities e. Depreciation expense f. Dividends paid 1 PM