The comparative balance sheet of Hirayama Industries Inc. for December $31,20$Y$2$ and $20$Y$1,$ is as follows:

Dec. $31,20$Y$2$ Dec. $31,20$Y$1$

Assets

Cash $$149$ $$47$

Accounts receivable $($net$)8558$

Inventories $5332$

Land $121132$

Equipment $6851$

Accumulated depreciation$-$equipment $(18)(9)$

Total Assets $$458$ $$311$

Liabilities and Stockholders' Equity

Accounts payable $($merchandise creditors$)$ $$58$ $$47$

Dividends payable $9-$

Common stock, $$1$ par $3015$

Excess of paid$-$in capital over par $8036$

Retained earnings $281213$

Total liabilities and stockholders' equity $$458$ $$311$

The following additional information is taken from the records:

Land was sold for $$28.$

Equipment was acquired for cash.

There were no disposals of equipment during the year.

The common stock was issued for cash.

There was a $$98$ credit to Retained Earnings for net income.

There was a $$30$ debit to Retained Earnings for cash dividends declared.

Question Content Area

a$.$ Prepare a statement of cash flows, using the indirect method of presenting Cash flows from $($used for$)$ operating activities. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments.

Hirayama Industries Inc.

Statement of Cash Flows

For the Year Ended December $31,20$Y$2$

Cash flows from $($used for$)$ operating activities:

$$-$ Select $-$

Adjustments to reconcile net income to net cash flows from $($used for$)$ operating activities:

$-$ Select $-$

$-$ Select $-$

Changes in current operating assets and liabilities:

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

Net cash flow from operating activities $fill in the blank $09805$c$02$c$061003\_13$

Cash flows from $($used for$)$ investing activities:

$$-$ Select $-$

$-$ Select $-$

Net cash flow from investing activities fill in the blank $09805$c$02$c$061003\_18$

Cash flows from $($used for$)$ financing activities:

$$-$ Select $-$

$-$ Select $-$

Net cash flows from financing activities fill in the blank $09805$c$02$c$061003\_23$

$$-$ Select $-$

Cash balance, January $1,20$Y$2$ fill in the blank $09805$c$02$c$061003\_26$

Cash balance, December $31,20$Y$2$ $fill in the blank $09805$c$02$c$061003\_27$

Question Content Area

b$.$ Was Hirayama Industries Inc.$$s net cash flows from operations more or less than net income?