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 disposals of equipment during the year.
D.	The common stock was issued for cash.
E.	There was a $339 credit to Retained Earnings for net income.
F.	There was a $105 debit to Retained Earnings for cash dividends declared.

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. 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 Olson-Joness net cash flow from operations more or less than net income? What is the source of this difference?

Instructions Dec. 31, 20Y Dec. 31, 20Y1 Assets $488.00 278.00 177.00 400.00 225.00 (58.00) $1,510.00 $160.00 201.00 109.00 448.00 172.00 (29.00) $1,061.00 3 Cash Accounts receivable (net 5 Inventories 6 Land 7 Equipment 8 Accumulated depreciation-equipment Total assets Liabilities and Stockholders Equity 10 $176.00 28.00 103.00 246.00 957.00 $1,510.00 160.00 11 Accounts payable (merchandise creditors) 12 Dividends payable 15 Common stock, $1 par 14 Paid-in capital: Excess of issue price over par-common stock 15 Retained earnings 16 Total liabilities and stockholders' equity 55.00 123.00 723.00 $1,061.00 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 disposals of equipment during the year D. The common stock was issued for cash E. There was a $339 credit to Retained Earnings for net income. F. There was a $105 debit to Retained Earnings for cash dividends declared. 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. In the operating activities section, use the minus sign to indicate cash outflows, decreases in cash and a net cash out fiow, 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 Olson-Jones's net cash flow from operations more or less than net income? What is the source of this difference? Labels and Amount Descriptions Labels 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 Labels and Amount Descriptions 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 Statement of Cash F A. Prepare a statement of cash fiows, 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 outfilows, decreases in cash and a net cash outfiow, if required. In the investing and financing activities section, use a minus sign only to indicate a NET cash outflow for the section. Olson-Jones Industries, Inc. Statement ot Cash Flows (Label) Cash flows from operating activities: 3 Adjustments to reconcile net income to net cash flow from operating activities: 6 Changes in current operating assets and liabilities: 10 11 Cash flows from investing activities: 12 15 14 5 Cash flows from financing activities: 16 17 18 19 Cash at the beginning of the year Cash at the end of the year 20 21 Final Question . was Olson-Jones's net cash flow from operations 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. Sale of common stock Purchase of equipment Gain on the sale of land Dividends paid Depreciation expense Changes in current operating assets and liabilities