Dec. 31, Dec. 31, 20Y2 20Y1 Assets Cash $147 $49 Accounts receivable (net) 83 61 Inventories 52 33 Land 119 137 Equipment 67 53 Accumulated depreciation-equipment (18) (9) Total Assets $450 $324 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) %2457 249 Dividends payable 9 Common stock, $1 par 30 15 Paid-in capital: Excess of issue price over par- 65 38 common stock Retained earnings 289 222 Total liabilities and stockholders' equity $450 $324 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 $97 credit to Retained Earnings for net income. 6. There was a $30 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.
Dec. 31, Dec. 31, 20Y2 20Y1 Assets Cash $147 $49 Accounts receivable (net) 83 61 Inventories 52 33 Land 119 137 Equipment 67 53 Accumulated depreciation-equipment (18) (9) Total Assets $450 $324 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) %2457 249 Dividends payable 9 Common stock, $1 par 30 15 Paid-in capital: Excess of issue price over par- 65 38 common stock Retained earnings 289 222 Total liabilities and stockholders' equity $450 $324 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 $97 credit to Retained Earnings for net income. 6. There was a $30 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
222
![Dec. 31,
Dec. 31,
20Υ2
20Υ1
Assets
Cash
$147
$49
Accounts receivable (net)
83
61
Inventories
52
33
Land
119
137
Equipment
67
53
Accumulated depreciation-equipment
(6)
$324
(18)
Total Assets
$450
Liabilities and Stockholders' Equity
Accounts payable (merchandise creditors)
$57
$49
Dividends payable
9
Common stock, $1 par
30
15
Paid-in capital: Excess of issue price over par-
65
38
common stock
Retained earnings
289
222
Total liabilities and stockholders' equity
$450
$324
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 $97 credit to Retained Earnings for net income.
6. There was a $30 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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe513d118-47da-4d2c-9045-463c8cef289a%2F87e621ad-6caa-40a9-9557-ba42e95503bf%2Fedb7nue_processed.png&w=3840&q=75)
Transcribed Image Text:Dec. 31,
Dec. 31,
20Υ2
20Υ1
Assets
Cash
$147
$49
Accounts receivable (net)
83
61
Inventories
52
33
Land
119
137
Equipment
67
53
Accumulated depreciation-equipment
(6)
$324
(18)
Total Assets
$450
Liabilities and Stockholders' Equity
Accounts payable (merchandise creditors)
$57
$49
Dividends payable
9
Common stock, $1 par
30
15
Paid-in capital: Excess of issue price over par-
65
38
common stock
Retained earnings
289
222
Total liabilities and stockholders' equity
$450
$324
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 $97 credit to Retained Earnings for net income.
6. There was a $30 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.
![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:
$4
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?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe513d118-47da-4d2c-9045-463c8cef289a%2F87e621ad-6caa-40a9-9557-ba42e95503bf%2F9hrvf5d_processed.png&w=3840&q=75)
Transcribed Image Text: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:
$4
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?
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 1 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
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.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education