Statement of Cash FlowsIndirect Method

The comparative balance sheet of Olson-Jones Industries Inc. for December 31, 20Y2 and 20Y1, is as follows:

		Dec. 31, 20Y2		Dec. 31, 20Y1
Assets
Cash		$132		$41
Accounts receivable (net)		75		52
Inventories		47		28
Land		107		117
Equipment		60		45
Accumulated depreciation-equipment		(16)		(8)
	Total Assets	$405		$275
Liabilities and Stockholders' Equity
Accounts payable (merchandise creditors)		$51		$41
Dividends payable		8		-
Common stock, $10 par		27		13
Paid-in capital: Excess of issue price over parcommon stock		70		32
Retained earnings		249		189
	Total liabilities and stockholders' equity	$405		$275

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 $87 credit to Retained Earnings for net income.
6. There was a $27 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, 20Y2
Cash flows from operating activities:
	$fill in the blank b557ae006040076_2
Adjustments to reconcile net income to net cash flow from operating activities:
	fill in the blank b557ae006040076_4
	fill in the blank b557ae006040076_6
Changes in current operating assets and liabilities:
	fill in the blank b557ae006040076_8
	fill in the blank b557ae006040076_10
	fill in the blank b557ae006040076_12
Net cash flow from operating activities		$fill in the blank b557ae006040076_13
Cash flows from investing activities:
	$fill in the blank b557ae006040076_15
	fill in the blank b557ae006040076_17
Net cash flow provided by investing activities		fill in the blank b557ae006040076_18
Cash flows from financing activities:
	$fill in the blank b557ae006040076_20
	fill in the blank b557ae006040076_22
Net cash flow provided by financing activities		fill in the blank b557ae006040076_23
		$fill in the blank b557ae006040076_25
Cash at the beginning of the year		fill in the blank b557ae006040076_26
Cash at the end of the year		$fill in the blank b557ae006040076_27

b. Was Olson-Joness net cash flow from operations more or less than net income?

The source(s) of the difference are:

1. Gain on the sale of land
2. Purchase of equipment
3. Sale of common stock
4. Changes in current operating assets and liabilities
5. Depreciation expense
6. Dividends paid