The net income reported on the income statement for the current year was $149,300. Depreciation recorded on store equipment for the year amounted to $24,600. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows:

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

		Dec. 31, 20Y2		Dec. 31, 20Y1
Assets
Cash		$152		$51
Accounts receivable (net)		87		64
Inventories		55		35
Land		125		143
Equipment		70		55
Accumulated depreciation-equipment		(19)		(10)
	Total Assets	$470		$338
Liabilities and Stockholders' Equity
Accounts payable (merchandise creditors)		$59		$51
Dividends payable		9		-
Common stock, $1 par		31		16
Paid-in capital: Excess of issue price over parcommon stock		70		40
Retained earnings		301		231
	Total liabilities and stockholders' equity	$470		$338

The following additional information is taken from the records:

1. Land was sold for $45.
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 $101 credit to Retained Earnings for net income.
6. There was a $31 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. 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, 20Y2
Cash flows from operating activities:
	$
Adjustments to reconcile net income to net cash flow from operating activities:
Changes in current operating assets and liabilities:
Net cash flow from operating activities		$
Cash flows from (used for) investing activities:
	$
Net cash flow from investing activities
Cash flows from (used for) financing activities:
	$
Net cash flow from financing activities
		$
Cash at the beginning of the year
Cash at the end of the year		$

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

a. Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments.

Statement of Cash Flows (partial)
Cash flows from operating activities:
	$
Adjustments to reconcile net income to net cash flow from operating activities:
Changes in current operating assets and liabilities:
Net cash flow from operating activities		$

b. Cash flows from operating activities differs from net income because it does not use the of accounting. For example revenues are recorded on the income statement when .