Statement of cash flows-indirect method Instructions Labels and Amount Descriptions Statement of Cash Flows Final Question Instructions The comparative balance sheet of Olson-Jones Industries Inc. for December 31, 20Y2 and 2041, is as follows: 1 Dec 31, 2012 Dec. 31, 2011 2 Assets 3 Cash $488.00 $163.00 283.00 203.00 Accounts receivable (net) 5 Inventories 171.00 110.00 6 Land 396.00 455.00 7 Equipment 225.00 171.00 Statement of cash flows-indirect method Instructions Labels and Amount Descriptions Statement of Cash Flows Final Quest Instructions 20:00 22.00 225.00 171.00 7 Equipment Accumulated depreciation-equipment (56.00) (26.00) 9 Total assets $1,507.00 $1,076.00 10 $173.00 $164.00 26.00 Liabilities and Stockholders' Equity 11 Accounts payable (merchandise creditors) 12 Dividends payable 13 Common stock, $1 par 14 Paid-in capital: Excess of issue price over par-common stock 15 Retained earnings 98.00 47.00 254.00 122.00 956.00 743.00 16 Total liabilities and stockholders' equity $1,507.00 $1,076.00 Statement of cash flows-indirect method Instructions Labels and Amount Descriptions Statement of Cash Flows Final Question Instructions 16 Total Liabilities and stockholders' equity $1,507.00 $1,076.00 The following additional information is taken from the records: A. Land was sold for $122. 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 $313 credit to Retained Earnings for net income. F. There was a $100 debit to Retained Earnings for cash dividends declared. Instructions B. Equipment was acquired for cash. C. There were no disposals of equipment during the year. D. The common stock was issued torrash. E. There was a $313 credit to Retained Earnings for net incomo. F. There was a $100 debit to Retained Earnings for cash dividends declared. A. Prepare a statement of cash flows, using the Indirect method of presenting cash flows from operating activities. Refer to the Labels and Amount Descriptions ist provided for the exact wording of the answer choices for text entries. Be sure to complete the heading of the statement in the operating activities section, use the minus sign to indicate cash outflows, decreases in cash and a net cash out flow, if required. In the investing and financing activitas section, use a minus sign only to Indicato a NET cash outflow for the section B. Was Olson Jones's net cash flow from operations more or less than not income? What is the source of this difference? Labels and Amount Descriptions Labels and Amount Descriptions Amortization of intangible assets Cash paid for dividends Cash paid for purchase of equipment Cash received from sale of common stock Cash received from sale of land Change in cash December 31, 20Y2 Decrease in accounts payable Decrease in accounts receivable Decrease in inventories Labels and Amount Descriptions Decrease in accounts payable Decrease in accounts receivable Decrease in inventories Depreciation For the Year Ended December 31, 20Y2 Gain on sale of land Increase in accounts payable Increase in accounts receivable Increase in inventories Loss on sale of land Net cash flow from operating activities Net cash flow used for operating activities Labels and Amount Descriptions VITUIUUUUUUUUUITO TUVIVUT Increase in inventories Loss on sale of land Net cash flow from operating activities Net cash flow used for operating activities Net cash flow from investing activities Net cash flow used for investing activities Net cash flow from financing activities Net cash flow used for financing activities Net income Net loss Statement of Instructions Labels and Amount Descriptions Statement of Cash Flows Final Question Statement of Cash Flows A. Propare a statement of cash flows, using the indirect method of presenting cash flows from operating 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. In the operating activities section, use the minus sign to indicate cash outflows, Itecreases in cash and a net cash outlow, if required. In the investing and financing activities section, use a minus sign only to indicate a NET cash outflow for the section. Olson-Jones Industries, Inc. Statement of Cash Flows (Label) 1 Cash flows from operating activities: 2 Instructions Labels and Amount Descriptions Statement of Cash Flows Final Question Statement of Cash Flows 3 Adjustments to reconcile net income to net cash flow from operating activities: 4 5 I 6 Changes in current operating assets and liabilities: 7 8 9 10 11 Cash flows from investing activities: 12 Statement of cash flows-indirect method Instructions Labels and Amount Descriptions Statement of Cash Flows Final Question Statement of Cash Flows 15 14 15 Cash flows from financing activities: 16 17 18 19 20 Cash at the beginning of the year 21 Cash at the end of the year Final Question B. Was Olson-Jones's net cash flow from operations more or less than net income? What is the source of this difference? Net cash flow from operations was less than net income. The source(s) of the difference are: Check all that apply. Depreciation expense Dividends paid Sale of common stock Changes in current operating assets and liabilities source(s) of the difference are: Check all that apply. Depreciation expense Dividends paid Sale of common stock Changes in current operating assets and liabilities Purchase of equipment Gain on the sale of land