The comparative balance sheet of Pelican Joe Industries Inc. for December 31, 2016 and 2015, is as follows:

1		Dec. 31, 2016	Dec. 31, 2015
2	Assets
3	Cash	$488.00	$163.00
4	Accounts receivable (net)	283.00	203.00
5	Inventories	171.00	110.00
6	Land	396.00	455.00
7	Equipment	225.00	171.00
8	Accumulated depreciation-equipment	(56.00)	(26.00)
9	Total assets	$1,507.00	$1,076.00
10	Liabilities and Stockholders' Equity
11	Accounts payable (merchandise creditors)	$173.00	$164.00
12	Dividends payable	26.00
13	Common stock, $10 par	98.00	47.00
14	Paid-in capital: Excess of issue price over parcommon stock	254.00	122.00
15	Retained earnings	956.00	743.00
16	Total liabilities and stockholders' equity	$1,507.00	$1,076.00

The following additional information is taken from the records:

1.	Land was sold for $122.
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 $313 credit to Retained Earnings for net income.
6.	There was an $100 debit to Retained Earnings for cash dividends declared.

Required:

A.

make 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. In the operating activities section, use the minus sign to indicate cash outflows, decreases in cash and a net cash out flow, if required. In the investing and financing activities section, use a minus sign only to indicate a NET cash outflow for the section.

B.

Was the net cash flow from operations for Pelican Joe Industries Inc. more or less than net income? What is the source of this difference?

Labelsand 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
December 31, 2016
Decrease in accounts payable
Decrease in accounts receivable
Decrease in cash
Decrease in inventories
Depreciation
For the Year Ended December 31, 2016
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

B. Was the net cash flow from operations for Pelican Joe 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.

Changes in current operating assets and liabilities

Purchase of equipment

Dividends paid

Sale of common stock

Depreciation expense

Gain on the sale of land