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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.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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.
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?
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?
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