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		$140		$45
Accounts receivable (net)		80		56
Inventories		50		31
Land		115		127
Equipment		65		49
Accumulated depreciation-equipment		(17)		(9)
	Total Assets	$433		$299
Liabilities and Stockholders' Equity
Accounts payable (merchandise creditors)		$55		$45
Dividends payable		9		-
Common stock, $10 par		29		14
Paid-in capital: Excess of issue price over parcommon stock		71		35
Retained earnings		269		205
	Total liabilities and stockholders' equity	$433		$299

The following additional information is taken from the records:

1. Land was sold for $30.
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 $93 credit to Retained Earnings for net income.
6. There was a $29 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:
Net income	$fill in the blank af8e93fb704f029_2
Adjustments to reconcile net income to net cash flow from operating activities:
Depreciation	fill in the blank af8e93fb704f029_4
Gain on sale of land	fill in the blank af8e93fb704f029_6
Changes in current operating assets and liabilities:
Increase in accounts receivable	fill in the blank af8e93fb704f029_8
Increase in inventories	fill in the blank af8e93fb704f029_10
Increase in accounts payable	fill in the blank af8e93fb704f029_12
Net cash flow from operating activities		$fill in the blank af8e93fb704f029_13
Cash flows from investing activities:
Cash received from sale of land	$fill in the blank af8e93fb704f029_15
Cash paid for purchase of equipment	fill in the blank af8e93fb704f029_17
Net cash flow provided by investing activities		fill in the blank af8e93fb704f029_18
Cash flows from financing activities:
Cash received from sale of common stock	$fill in the blank af8e93fb704f029_20
Cash paid for dividends	fill in the blank af8e93fb704f029_22
Net cash flow provided by financing activities		fill in the blank af8e93fb704f029_23
Change in cash		$fill in the blank af8e93fb704f029_25
Cash at the beginning of the year		fill in the blank af8e93fb704f029_26
Cash at the end of the year		$fill in the blank af8e93fb704f029_27

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

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

a, d, and e