Statement of Cash Flows-Indirect Method The comparative balance sheet of Olson-Jones Industries Inc. for December 31, 20Y2 and 2041, is as follows: Dec. 31, 20Y2 Dec. 31, 2011 Assets Cash $209 $69 119 86 75 47 170 193 96 75 Accounts receivable (net) Inventories Land Equipment Accumulated depreciation-equipment Total Assets Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Dividends payable (26) (13) $643 $457 $81 $69 13 - Common stock, $10 par 42 21 Paid-in capital: Excess of issue price over par-common stock 97 53 314 $457 Retained earnings 410 Total liabilities and stockholders' equity $643 The following additional information is taken from the records: 1. Land was sold for $58. 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 $138 credit to Retained Earnings for net income. 6. There was a $42 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. 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 operating activities: Net income Adjustments to reconcile net income to net cash flow from operating activities: Depreciation Gain on sale of land Changes in current operating assets and liabilities: Increase in accounts receivable Increase in inventories Increase in accounts payable Net cash flow from operating activities Cash flows from investing activities: Cash received from sale of land Cash paid for purchase of equipment I ll ll. QUO Q 100) Net cash flow provided by investing activities Cash flows from financing activities: Cash received from sale of common stock Cash paid for dividends Net cash flow provided by financing activities Change in cash Cash at the beginning of the year Cash at the end of the year