Question

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 $193 $64
Accounts receivable (net) 110 80
Inventories 69 44
Land 157 181
Equipment 88 70
Accumulated depreciation-equipment (24) (12)
Total Assets $593 $427
Liabilities and Stockholders' Equity
Accounts payable (merchandise creditors) $75 $64
Dividends payable 12 -
Common stock, $1 par 39 20
Paid-in capital: Excess of issue price over par—common stock 86 50
Retained earnings 381 293
Total liabilities and stockholders' equity $593 $427

The following additional information is taken from the records:

  1. Land was sold for $60.
  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 $127 credit to Retained Earnings for net income.
  6. There was a $39 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.

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