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, 2012 and 2041, is as follows: 1 Dec 31, 2012 Dec 31, 2011 2 Assets 3 Cash $183.00 $14.00 Accounts receivable (net) 55.00 49.00 5 inventores 117.00 99.00 Land 250.00 350.00 205.00 175.00 7 Equipment Instructions Labels and Amount Descriptions Statement of Cash Flows Final Question (68.00) (42.00) 5625.00 3 $742.00 10 Instructions 8 Accumulated depreciation equipment Total assets Liabilities and Stockholders' Equity 11 Accounts payable (merchandise creditors) 12 Dividends payable 13 Common stock 51 par 14 Paid-in capital: Excess of issue price over par-common stock 15 Retained earnings Total liabilities and stockholders equity $51.00 $37.00 5.00 125.00 80.00 85.00 70.00 476,00 438.00 16 $742.00 $625.00 Instructions Labels and Amount Descriptions Statement of Cash Flows Final Question Instructions Labels and Amount Descriptions Statement of Cash Flows . SA 2001 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 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 outflows, decreases in cash and a net cash outflow for each section, if required w Olson-Jones Industries Inc Statement of Cash Flows (Label) 1 Cash flows from operating activities Instructions Labels and Amount Descriptions Statement of Cash Flows Final Question 22.00 Instructions Labels and Amount Descriptions Statement of Cash Flows 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 Changes in current operating assets and liabilities Purchase of equipment Sale of common stock Depreciation expense The source(s) of the difference are: Check all that apply Changes in current operating assets and liabilities Purchase of equipment Sale of common stock Depreciation expense Dividends paid Gain on the sale of land Instructions The following additional information is taken from the records 1 Land was sold for 5120 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 $62 credit to Retained Earnings for net income 6. There was an $24 debit to Retained Earnings for cash dividends declared Required: 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 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 outflows, decreases in cash and a net cash outflow for each section, if required 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
