Statument 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, 2012 Dec 31, 2011 Assets $183 $14 Cash Accounts receivable (net) Inventories 55 49 117 Land 250 330 205 175 (68) (42) $625 $742 Equipment Accumulated depreciation-equipment Total assets Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Dividends payable Common stock, $1 par Paid in capital in excess of par-common stock Retained earnings $51 $37 5 125 80 85 70 476 438 Total abilities and stockholders' equity $742 $625 The following additional information is taken from the records a. Land was sold for $120. b. Equipment was acquired for cash c. There were no disposals of equipment during the year d. The common stock was issued for cash e. There was a $62 credit to Retained Earnings for net income 1. There was a $24 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, ca payments decreases can Olson-Jones Industries, Inc. Statement of Cash Flows For the Year Ended December 31, 20Y2 Cash flows from (used for) operating activities: net cash flow from operating activities: Cash receved from sale of common stock Decrease in accounts receivable Increase in inventories hd liabilities: Net income Net loss O DO DI II O Net cash flow from operating activities Cash flows from (used for) Investing activities: Net cash flow from investing activities Cash flows from (used for) financing activities: o Net cash flow from financing activities Cash balance, January 1, 20Y2 Cash balance, December 31, 2012 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 (used for) operating activities: Adjustments to reconcile net income to net cash flow from operating activities: Changes in current operating assets and liabilities: [ 10 10 10 10 Net cash flow from operating activities Cash flows from (used for) Investing activities: a Net cash flow from investing activities Cash flows from (used for) financing activities: o Net cash flow from financing activities Cash balance, January 1, 2012 Cash balance, December 31, 20Y2