The comparative balance sheet of Olson-Jones Industries Inc. for December 31, 20Y2 and 20Y1, is as follows:

1		Dec. 31, 20Y2	Dec. 31, 20Y1
2	Assets
3	Cash	$489.00	$156.00
4	Accounts receivable (net)	283.00	197.00
5	Inventories	174.00	112.00
6	Land	398.00	445.00
7	Equipment	228.00	172.00
8	Accumulated depreciation-equipment	(65.00)	(32.00)
9	Total assets	$1,507.00	$1,050.00
10	Liabilities and Stockholders Equity
11	Accounts payable (merchandise creditors)	$177.00	$155.00
12	Dividends payable	30.00
13	Common stock, $1 par	96.00	49.00
14	Paid-in capital: Excess of issue price over parcommon stock	250.00	130.00
15	Retained earnings	954.00	716.00
16	Total liabilities and stockholders equity	$1,507.00	$1,050.00

The following additional information is taken from the records:

1.	Land was sold for $129.
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 $339 credit to Retained Earnings for net income.
6.	There was an $101 debit to Retained Earnings for cash dividends declared.

Required:

A.	Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Be sure to complete the heading of the statement. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments.
B.	Was the net cash flow from operations for Olson-Jones Industries Inc. more or less than net income? What is the source of this difference?

Labels and Amount Descriptions
Amortization of intangible assets
Cash used for dividends
Cash used for purchase of equipment
Cash from sale of common stock
Cash from sale of land
December 31, 20Y2
Decrease in accounts payable
Decrease in accounts receivable
Decrease in cash
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 cash
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

A. Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Be sure to complete the heading of the statement. 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

1	Cash flows from operating activities:
2
3	Adjustments to reconcile net income to net cash flow from operating activities:
4
5
6	Changes in current operating assets and liabilities:
7
8
9
10
11	Cash flows from (used for) investing activities:
12
13
14
15	Cash flows from (used for) financing activities:
16
17
18
19
20	Cash at the beginning of the year
21	Cash at the end of the year

B. Was the net cash flow from operations for Olson-Jones Industries Inc. more or less than net income? What is the source of this difference?

Net cash flow from operations was than net income.

The source(s) of the difference are: Check all that apply.

Depreciation expense

Changes in current operating assets and liabilities

Sale of common stock

Gain on the sale of land