Statement of Cash Flows-Indirect Method The comparative balance sheet of Olson-Jones Industries Inc. for December 31, 2012 and 2041, is as follows: Dec. 31, 20Y2 Dec. 31, 20Y1 Assets Cash $100 $33 Accounts receivable (net) 56 41 22 91 36 (6) $217 $33 10 Inventories 35 Land 81 Equipment 45 Accumulated depreciation equipment (12) Total Assets $305 Liabilities and Stockholders' Equity ' Accounts payable (merchandise creditors) $38 Dividends payable 6 Common stock, $10 par 20 Paid-in capital: Excess of issue price over par-common stock 46 Retained earnings 195 Total liabilities and stockholders' equity $305 The following additional information is taken from the records: 1. Land was sold for $25. 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 $66 credit to Retained Earnings for net income. 6. There was a $20 debit to retained Earnings for cash dividends declared. 25 149 $217 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 lator For the Year Ended December 31, 2012 Cash flows from operating activities: Adjustments to reconcile net income to net cash flow from operating activities: Changes in current operating assets and liabilities: Net cash flow from operating activities Cash flows from investing activities: Net cash flow provided by investing activities Cash flows from financing activities: Net cash flow provided by financing activities Cash at the beginning of the year Cash at the end of the year b. Was Olson-Jones's net cash flow from operations 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 f. Dividends paid O The the difference are: a, d, and e le of land b. b, d, and e suipment C bn stock b, c and frrent operating assets and liabilities e. A. b, c, and expense