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The comparative balance sheet of Olson-Jones Industries Inc. for December 31, 20Y2 and 20Y1, is as...

The comparative balance sheet of Olson-Jones Industries Inc. for December 31, 20Y2 and 20Y1, is as follows:

Dec. 31, 20Y2 Dec. 31, 20Y1
Assets
Cash $197 $63
Accounts receivable (net) 113 79
Inventories 71 43
Land 161 178
Equipment 91 69
Accumulated depreciation-equipment (24) (12)
Total Assets $609 $420
Liabilities and Stockholders' Equity
Accounts payable (merchandise creditors) $77 $63
Dividends payable 12 -
Common stock, $1 par 40 20
Paid-in capital: Excess of issue price over par—common stock 101 49
Retained earnings 379 288
Total liabilities and stockholders' equity $609 $420

The following additional information is taken from the records:

  1. Land was sold for $43.
  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 $131 credit to Retained Earnings for net income.
  6. There was a $40 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.

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ekkarill92 answered 1 year ago
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