Statement of Cash Flows-Indirect Method The comparative balance sheet of Olson-Jones Industries Inc. for December 31, 20Y2 and 20YS, is as follows Dec. 31, 20Y2 Dec. 31, 20Y1 Cash Accounts receivable (net) Inventories Land Equipment Accumulated depreciation-equipment $141 81 51 116 65 (17) $437 58 32 129 50 Total Assets $306 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Dividends payable Common stock, $10 par Paid-in capital: Excess of issue price over par-common stock Retained earnings $55 $46 29 69 275 $437 14 36 210 $306 Total liabilities and stockholders' equity The following additional information is taken from the records: 1. Land was sold for $33. 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 $94 credit to Retained Earnings for net income Check My Work 2 more Check My Work uses remaining PreviousNext 5. There was a $94 credit to Retained Earnings for net income. 6. There was a $29 debit to Retained Earnings for cash a. Prepare a statement of cash flows, using the indirect method of payments, decreases in cash, or any negative adjustments presenting cash flows from operating activities. Use the minus sign to indicate cash out flows, cash Olson-Jones Industries, Inc. Statement of Cash Flows For the Year Ended December 31, 20Y2 Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash flow from operating activities: 94 Depreciation Y Gain on sale of land Changes in current operating assets and liablities Increase in accounts receivable Increase in inventories Increase in accounts payable 23 19 V Net cash flow from operating activities Cash flows from investing activities 36 X Net cash flow provided by investing activities Cash flows from financing activities Net cash fhow provided by finanding activities Check My Work 2 more Check My Work uses remaining PreviousNt Net cash flow provided by investing activities Cash flows from financing activities Net cash flow provided by financing activitbes Cash at the beginning of the year Cash at the end of the year Check My Wk Calculate the increases and decreases in the current asset/liability a might have had an affect on net income but haveno cash impact? what items are considered noncurrent assets? the period. What affect do these increases/decreases have on cash? What tems Learning Objective 2, Learning objective 3, Learning Objective 4, and Learning Objective 5 b. Was Olsion-Jones's net cash now from operations more or less than net income The so Less of the difference are: a. Ga b. Pur c. Sale of common stock d. Changes in current operating assets and liabilities More Sale of land equipment Previouse