Dec. 31, 20Y2 Dec. 31, 20Y1 Assets Cash $159 $51 Accounts receivable (net) 90 63 Inventories 57 35 Land 129 143 Equipment 73 55 Accumulated depreciation-equipment (20) (10) Total Assets $488 $337 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $61 $51 Dividends payable 10 - Common stock, $1 par 32 16 Paid-in capital: Excess of issue price over par—common stock 81 39 Retained earnings 304 231 Total liabilities and stockholders' equity $488 $337 The following additional information is taken from the records: Land was sold for $35. Equipment was acquired for cash. There were no disposals of equipment during the year. The common stock was issued for cash. There was a $105 credit to Retained Earnings for net income. There was a $32 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: Net income $ Adjustments to reconcile net income to net cash flow from operating activities: Depreciation Gain on sale of land Changes in current operating assets and liabilities: Increase in accounts receivable 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 $

Dec. 31, 20Y2 Dec. 31, 20Y1 Assets Cash $159 $51 Accounts receivable (net) 90 63 Inventories 57 35 Land 129 143 Equipment 73 55 Accumulated depreciation-equipment (20) (10) Total Assets $488 $337 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $61 $51 Dividends payable 10 - Common stock, $1 par 32 16 Paid-in capital: Excess of issue price over par—common stock 81 39 Retained earnings 304 231 Total liabilities and stockholders' equity $488 $337 The following additional information is taken from the records: Land was sold for $35. Equipment was acquired for cash. There were no disposals of equipment during the year. The common stock was issued for cash. There was a $105 credit to Retained Earnings for net income. There was a $32 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: Net income $ Adjustments to reconcile net income to net cash flow from operating activities: Depreciation Gain on sale of land Changes in current operating assets and liabilities: Increase in accounts receivable 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 $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

	Dec. 31, 20Y2	Dec. 31, 20Y1
Assets
Cash	$159		$51
Accounts receivable (net)	90		63
Inventories	57		35
Land	129		143
Equipment	73		55
Accumulated depreciation-equipment	(20)		(10)
	Total Assets	$488		$337
Liabilities and Stockholders' Equity
Accounts payable (merchandise creditors)	$61		$51
Dividends payable	10		-
Common stock, $1 par	32		16
Paid-in capital: Excess of issue price over par—common stock	81		39
Retained earnings	304		231
	Total liabilities and stockholders' equity	$488		$337

The following additional information is taken from the records:

Land was sold for $35.
Equipment was acquired for cash.
There were no disposals of equipment during the year.
The common stock was issued for cash.
There was a $105 credit to Retained Earnings for net income.
There was a $32 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:
Net income	$
Adjustments to reconcile net income to net cash flow from operating activities:
Depreciation
Gain on sale of land
Changes in current operating assets and liabilities:
Increase in accounts receivable


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		$

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 3 steps with 3 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.