Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help me with this ASAP Staternent of cash fiows-indirect method The comparative balance sheet of Olson-Jones Industries Inc. for December 31,20Y2 and 20Y1, is

please help me with this ASAP
image text in transcribed
image text in transcribed
image text in transcribed
Staternent of cash fiows-indirect method The comparative balance sheet of Olson-Jones Industries Inc. for December 31,20Y2 and 20Y1, is as follows: 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. 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. 1. 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, Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments. b. Was Olson-Jones's net cash flows from operating activities 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 c. Dividends paid

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Research Methods In Accounting

Authors: Malcolm Smith

6th Edition

1529779774, 978-1529779776

More Books

Students also viewed these Accounting questions

Question

What is media access control, and why is it important?

Answered: 1 week ago