The comparative balance sheet of Olson$-$Jones 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 $$164$ $$52$

Accounts receivable $($net$)9465$

Inventories $5936$

Land $134145$

Equipment $7657$

Accumulated depreciation$-$equipment $(20)(10)$

Total Assets $$507$ $$345$

Liabilities and Stockholders' Equity

Accounts payable $($merchandise creditors$)$ $$64$ $$52$

Dividends payable $10-$

Common stock, $$1$ par $3316$

Paid$-$in capital: Excess of issue price over par$$common stock $8740$

Retained earnings $313237$

Total liabilities and stockholders' equity $$507$ $$345$

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 $$109$ credit to Retained Earnings for net income.

There was a $$33$ 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 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 $31,20$Y$2$

Cash flows from operating activities:

Net income

$Net income

$109$

Adjustments to reconcile net income to net cash flow from operating activities:

Depreciation

Depreciation

$20$

Gain on sale of land

Gain on sale of land

Changes in current operating assets and liabilities:

Increase in accounts receivable

Increase in accounts receivable

Increase in inventories

Increase in inventories

Increase in accounts payable

Increase in accounts payable

Net cash flow from operating activities $fill in the blank $76$affcf$7$bf$9$dffe$\_13$

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

Cash from sale of land

$Cash from sale of land

Cash used for purchase of equipment

Cash used for purchase of equipment

Net cash flow from investing activities fill in the blank $76$affcf$7$bf$9$dffe$\_18$

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

Cash from sale of common stock

$Cash from sale of common stock

Cash used for dividends

Cash used for dividends

Net cash flow from financing activities fill in the blank $76$affcf$7$bf$9$dffe$\_23$

Increase in cash

$Increase in cash

Cash at the beginning of the year fill in the blank $76$affcf$7$bf$9$dffe$\_26$

Cash at the end of the year $fill in the blank $76$affcf$7$bf$9$dffe$\_27$

Question Content Area

b$.$ Was Olson$-$Jones Industries Inc.$$s net cash flow from operations more or less than net income?

Less