Net cash flows from operating activities, $38 A SHOW ME HOW I EX 13-17 Statement of cash flows-indirect method Obj. 2, 3, 4, 5 The comparative balance sheet of Olson-Jones Industries Inc. for December 31, 20Y2 and 20Y1, is as follows: Assets Cash Accounts receivable (net) Inventories Equipment... Land Dec. 31, 2012 Dec. 31, 20Y1 $183 $ 14 55 49 117 99 250 330 205 175 Accumulated depreciation-equipment. (68) (42) Total assets. $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 declared. a. Prepare a statement of cash flows, using the indirect method of presenting cash flows from (used for) operating activities. b. Was Olson-Jones's net cash flows from operating activities more or less than net in- come? What is the source of this difference?