The comparative balance sheet of Olson-Jones Industries Inc. for December 31, 2012 and 20Y1, is as...

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The comparative balance sheet of Olson-Jones Industries Inc. for December 31, 2012 and 20Y1, is as follows: December 31, December 31, Assets 20Y2 20Y1 Cash $183 $14 Accounts receivable (net) Inventories Land 55 49 117 99 250 330 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 in excess of par-common stock 85 70 Retained earnings 476 438 Total liabilities and stockholders' equity $742 $625 The following additional information is taken from the records: a. Land was sold for $120. b. Equipment was acquired for cash. c. There were no disposals of equipment during the year. d. The common stock was issued for cash. e. There was a $62 credit to Retained Earnings for net income. f. 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 (used for) operating activities. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments. Line Item Description Olson-Jones Industries, Inc. Statement of Cash Flows For the Year Ended December 31, 20Y2 Amount Amount Cash flows from (used for) operating activities: Net income Adjustments to reconcile net income to net cash flow from (used for) operating activities: Depreciation Gain on sale of land Changes in current operating assets and liabilities: Increase in accounts receivable Increase in inventories Increase in accounts payable Net cash flows from operating activities Cash flows from (used for) investing activities: Cash received from sale of land Cash paid for purchase of equipment Net cash flows from investing activities Cash flows from (used for) financing activities: Cash received from sale of common stock Cash paid for dividends Net cash flows from financing activities Net increase in cash Cash balance, January 1, 2012 Cash balance, December 31, 20Y2 8 Alpha-numeric input field The comparative balance sheet of Olson-Jones Industries Inc. for December 31, 2012 and 20Y1, is as follows: December 31, December 31, Assets 20Y2 20Y1 Cash $183 $14 Accounts receivable (net) Inventories Land 55 49 117 99 250 330 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 in excess of par-common stock 85 70 Retained earnings 476 438 Total liabilities and stockholders' equity $742 $625 The following additional information is taken from the records: a. Land was sold for $120. b. Equipment was acquired for cash. c. There were no disposals of equipment during the year. d. The common stock was issued for cash. e. There was a $62 credit to Retained Earnings for net income. f. 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 (used for) operating activities. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments. Line Item Description Olson-Jones Industries, Inc. Statement of Cash Flows For the Year Ended December 31, 20Y2 Amount Amount Cash flows from (used for) operating activities: Net income Adjustments to reconcile net income to net cash flow from (used for) operating activities: Depreciation Gain on sale of land Changes in current operating assets and liabilities: Increase in accounts receivable Increase in inventories Increase in accounts payable Net cash flows from operating activities Cash flows from (used for) investing activities: Cash received from sale of land Cash paid for purchase of equipment Net cash flows from investing activities Cash flows from (used for) financing activities: Cash received from sale of common stock Cash paid for dividends Net cash flows from financing activities Net increase in cash Cash balance, January 1, 2012 Cash balance, December 31, 20Y2 8 Alpha-numeric input field

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Line Item Description Amount OlsonJones Industries Inc Statement of Cash Flows For the Year Ended De... View the full answer