Instructions
Labels and Amount Descriptions
Statement of Cash Flows
Final Question
X
Instructions
The comparative balance sheet of Olson-Jones Industries Inc. for December 31, 20Y2 and 20Y1, is as follows:
1 |
Dec. 31, 20Y2 |
Dec. 31, 20Y1 |
|
2 |
Assets |
||
3 |
Cash |
$488.00 |
$160.00 |
4 |
Accounts receivable (net) |
278.00 |
201.00 |
5 |
Inventories |
177.00 |
109.00 |
6 |
Land |
400.00 |
448.00 |
7 |
Equipment |
225.00 |
172.00 |
8 |
Accumulated depreciation-equipment |
(58.00) |
(29.00) |
9 |
Total assets |
$1,510.00 |
$1,061.00 |
10 |
Liabilities and Stockholders’ Equity |
||
11 |
Accounts payable (merchandise creditors) |
$176.00 |
$160.00 |
12 |
Dividends payable |
28.00 |
|
13 |
Common stock, $1 par |
103.00 |
55.00 |
14 |
Paid-in capital: Excess of issue price over par—common stock |
246.00 |
123.00 |
15 |
Retained earnings |
957.00 |
723.00 |
16 |
Total liabilities and stockholders’ equity |
$1,510.00 |
$1,061.00 |
The following additional information is taken from the records:
1. | Land was sold for $122. |
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 $339 credit to Retained Earnings for net income. |
6. | There was an $105 debit to Retained Earnings for cash dividends declared. |
Required:
A. | Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Be sure to complete the heading of the statement. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments. |
B. | Was the net cash flow from operations for Olson-Jones Industries Inc. more or less than net income? What is the source of this difference? |
Instructions Labels and Amount Descriptions Statement of Cash Flows Final Question X Instructions The comparative balance...
Statement of Cash Flows—Indirect Method 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 $114 $36 Accounts receivable (net) 65 45 Inventories 41 25 Land 94 102 Equipment 53 39 Accumulated depreciation-equipment (14) (7) Total Assets $353 $240 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $44 $36 Dividends payable 7 - Common stock, $1 par 23 11 Paid-in capital: Excess of issue price...
Statement of Cash Flows—Indirect Method 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 $62 Accounts receivable (net) 110 77 Inventories 69 42 Land 158 175 Equipment 89 67 Accumulated depreciation-equipment (24) (12) Total Assets $595 $411 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $75 $62 Dividends payable 12 - Common stock, $1 par 39 19 Paid-in capital: Excess of issue price...
Statement of Cash Flows—Indirect Method 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 $65 Accounts receivable (net) 113 81 Inventories 71 44 Land 161 183 Equipment 91 71 Accumulated depreciation-equipment (24) (12) Total Assets $609 $432 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $77 $65 Dividends payable 12 - Common stock, $1 par 40 20 Paid-in capital: Excess of issue price...
Statement of Cash Flows—Indirect Method 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 $136 $44 Accounts receivable (net) 78 55 Inventories 49 30 Land 112 127 Equipment 63 48 Accumulated depreciation-equipment (17) (9) Total Assets $421 $295 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $53 $44 Dividends payable 8 - Common stock, $1 par 28 14 Paid-in capital: Excess of issue price...
Calculator Statement of cash flows-indirect method Instructions Labels and Amount Descriptions Statement of Cash Flows Instructions The comparative balance sheet of Livers Inc. for December 31, 20Y3 and 20Y2, is shown as follows: 1 Dec 31, 2093 Dec 31, 2012 2 Assets 3 Cash $625,650.00 $586,340.00 Accounts receivable (net) 228,170.00 208,030.00 5 Inventories 641,480.00 617,130.00 6 Investments 0.00 240,290.00 7 Land 328,170.00 0.00 * Equipment Accumulated depreciation-equipment 706,070.00 552,300.00 10 Total assets (165,580.00) $2,363,960.00 (147,010.00) $2,057,080.00 11 Liabilities and Stockholders'...
Statement of Cash Flows—Indirect Method 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 $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 in excess of par—common...
The comparative balance sheet of Olson-Jones Industries Inc. for December 31, 2012 and 2041, is as follows: Dec. 31, 20Y2 Dec. 31, 20Y1 Assets 3 Cash $486.00 $158.00 4 Accounts receivable (net) 280.00 195.00 Inventories 172.00 110.00 6 Land 400.00 453.00 1 Equipment 172.00 Accumulated depreciation-equipment 223.00 (60.00) $1,501.00 (27.00) Total assets $1,061.00 Liabilities and Stockholders' Equity $180.00 $161.00 11 Accounts payable (merchandise creditors) 12 Dividends payable 32.00 17 common stock 1 10 on ΑΓ ΔΟ 12 Dividends payable 32.00...
Statement of Cash Flows—Indirect Method 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 $192 $61 Accounts receivable (net) 109 76 Inventories 68 42 Land 156 172 Equipment 88 67 Accumulated depreciation-equipment (24) (12) Total Assets $589 $406 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $74 $61 Dividends payable 12 - Common stock, $10 par 39 19 Paid-in capital: Excess of issue price...
Statement of Cash Flows—Indirect Method 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 $203 $65 Accounts receivable (net) 116 81 Inventories 73 44 Land 166 184 Equipment 93 71 Accumulated depreciation-equipment (25) (13) Total Assets $626 $432 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $79 $65 Dividends payable 13 - Common stock, $10 par 41 20 Paid-in capital: Excess of issue price...
Statement of Cash Flows—Indirect Method 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 $185 $60 Accounts receivable (net) 105 75 Inventories 66 41 Land 151 169 Equipment 85 65 Accumulated depreciation-equipment (23) (12) Total Assets $569 $398 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $72 $60 Dividends payable 11 - Common stock, $1 par 38 19 Paid-in capital: Excess of issue price...