The comparative balance sheet of Olson-Jones Industries Inc. for December 31, 20Y2 and 20Y1, is as follows:Dec. 31,Dec. 31,20Υ220Υ1AssetsCash$183$14Accounts receivable (net)5549Inventories11799Land250330Equipment205175Accumulated depreciation-equipment(68)(42)Total assets$742$625Liabilities and Stockholders' EquityAccounts payable (merchandise creditors)$51$37Dividends payableCommon stock, $1 par12580Paid-in capital: Excess of issue price over par-8570common stockRetained earnings476438Total liabilities and stockholders' equity$742$625The following additional information is taken from the records:1. Land was sold for $120.2. 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 $62 credit to Retained Earnings for net income.6. There was a $24 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 negativeadjustments.Olson-Jones Industries Inc.Statement of Cash FlowsFor the Year Ended December 31, 20Y2 adjustments.Olson-Jones Industries Inc.Statement of Cash FlowsFor the Year Ended December 31, 20Y2Cash 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 activitiesCash flows from (used for) investing activities:Net cash flow from investing activitiesCash flows from (used for) financing activities:Net cash flow from financing activitiesCash at the beginning of the yearCash at the end of the yearb. Was Olson-Jones Industries Inc.'s net cash flow from operations more or less than net income?

Cash Flow Statement : It is the statement that indicates the net balance from the cash inflows and…

The comparative balance sheet of Olson-Jones Industries Inc. for December 31, 20Y2 and 20Y1, is as follows: Dec. 31, Dec. 31, 20Y2 20Y1 Assets Cash $183 $14 Accounts receivable (net) 55 49 Inventories 117 99 Land 250 330 Equipment 205 175 Accumulated depreciation-equipment (68) (42) Total assets $742 $625 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $51 $37 Dividends payable 5 Common stock, $1 par 125 80 Paid-in capital: Excess of issue price over par- 85 70 common stock Retained earnings 476 438 Total liabilities and stockholders' equity $742 $625 The following additional information is taken from the records:

The comparative balance sheet of Olson-Jones Industries Inc. for December 31, 20Y2 and 20Y1, is as follows: Dec. 31, Dec. 31, 20Y2 20Y1 Assets Cash $183 $14 Accounts receivable (net) 55 49 Inventories 117 99 Land 250 330 Equipment 205 175 Accumulated depreciation-equipment (68) (42) Total assets $742 $625 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $51 $37 Dividends payable 5 Common stock, $1 par 125 80 Paid-in capital: Excess of issue price over par- 85 70 common stock Retained earnings 476 438 Total liabilities and stockholders' equity $742 $625 The following additional information is taken from the records:

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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1
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