Statement of Cash Flows-Indirect Method The comparative balance sheet of Olson-Jones Industries Inc. for December 31, 2022 and 2041, is as follows: Dec. 31, 2012 Dec. 31, 2011 Assets Cash $99 $33 Accounts receivable (net) 57 41 Inventories 36 22 Land 81 92 Equipment 46 36 Accumulated depreciation-equipment (12) (6) Total Assets $307 $218 $39 $33 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Dividends payable Common stock, $1 par 6 20 10 Pald-in capital: Excess of issue price over par common stock 47 26 Retained earnings 195 149 $218 Total liabilities and stockholders' equity $307 The following additional information is taken from the records: Check My Work 2 more Check My Work uses remaining Previous Next > eBook Show Me How Calculator Print Item The following additional Information is taken from the records: 1. Land was sold for $28. 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. 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: 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 (used for) investing activities: a Previous Next > Check My Work 2 more Check My Work uses remaining Print Rem Changes in current operating assets and liabilities: 1 Il Net cash flow from operating activities Cash flows from (used for) investing activities: o Net cash flow from investing activities Cash flows from (used for) financing activities: Net cash flow from financing activities Cash at the beginning of the year Cash at the end of the year b. Was Olson Jones Industries Inc.'s net cash flow from operations more or less than net income? Previous Next > Check My Work 2 more Check My Work usos remaining