The comparative balance sheet of Olson-Jones industries inc. for December 31,20Y2 and 20Y1, is as follows: The following additional information is taken from the records: A. Land was sold for $122. B. Equipment was acquired for cash. C. There were no disposal's of equipment during the year. D. The common stock was issued for cash. E. There was a $321 credit to Retained Earnings for net income. F. There was a $102 debit to Retained Earnings tor cash dividends declared. A. Prepare a statement of cash flows, using the indirect method of presenting cash flows from ocerating activities. Refor to the Labols and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Ble sture to complete the heading of the statement, In the operating activilies section, use the minus sign to indicate cash outlows, decreases in cash and a net cash out flow, if required. in the investing and financing activities soction, use a minus sign only to indicate a NET cash outllow for the section. B. Was Olsonvones's net cash flow from operations more or less than net income? What is the source of this difference? Labels and Amount Descriptions Labeis and Amount Descriptions Amortization of intangible assets Cash paid for dividends Cash paid for purchase of equipment Cash received from sale of common stock Cash received from sale of land Change in cash December 31, 20Y2 Decrease in accounts payable Decrease in accounts receivable Decrease in inventories Depreciation For the Year Ended December 31, 20Y2 Gain on sale of land Increase in accounts payable Increase in accounts receivable Increase in inventories Loss on sale of land Net cash flow from operating activities Net cash flow used for operating activities Net cash flow from investing activities Net cash flow used for investing activities Net cash flow from financing activities Net cash flow used for financing activities Net income Net loss Olson-Jones Industries, Inc. Score: 83/153 Statement of Cash Flows For the Year Ended December 31, 20 Y2 1 Cash flows from operating activities: 2 Net income 3. Adjustments to reconcile net income to net cash flow from operating activities: 4 Depreciation 5 Gain on sale of land 6 Changes in current operating assets and liabilities: 7 Increase in accounts receivable 8. Increase in inventories 9. Increase in accounts payable 10 Net cash flow from operating activities 11 Cash flows from investing activities: 12 Cash received from sale of land 13 Cash paid for purchase of equipment 14 Net cash flow from investing activities 15 Cash flows from financing activities: 16 Cash received from sale of common stock 17 Cash paid for dividends 18 Net cash flow from financing activities 19 20 Cash at the beginning of the year 21. Cash at the end of the year
