Statement of Cash Flows—Indirect Method

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

		Dec. 31, 20Y2		Dec. 31, 20Y1
Assets
Cash		$144		$46
Accounts receivable (net)		82		58
Inventories		51		32
Land		117		131
Equipment		66		51
Accumulated depreciation-equipment		(18)		(9)
	Total Assets	$442		$309
Liabilities and Stockholders'Equity
Accounts payable (merchandise creditors)		$56		$46
Dividends payable		9		-
Common stock, $1 par		29		15
Paid-in capital: Excess of issue price overpar—common stock		70		36
Retained earnings		278		212
	Total liabilities and stockholders' equity	$442		$309

The following additional information is taken from therecords:

Land was sold for $35.

Equipment was acquired for cash.

There were no disposals of equipment during the year.

The common stock was issued for cash.

There was a $95 credit to Retained Earnings for net income.

There was a $29 debit to Retained Earnings for cash dividendsdeclared

a. Prepare a statement of cash flows, using theindirect 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.

Olson-Jones Industries Inc.
Statement of Cash Flows
Forthe Year Ended December 31, 20Y2
Cash flows from operating activities:
	$
Adjustments to reconcile net income to netcash flow from operating activities:
Changes in current operating assets andliabilities:
Net cash flow from operatingactivities		$
Cash flows from (used for) investingactivities:
	$
Net cash flow from investingactivities
Cash flows from (used for) financingactivities:
	$
Net cash flow from financingactivities
		$
Cash at the beginning of the year
Cash at the end of the year		$

b. Was Olson-Jones Industries Inc.’s net cashflow from operations more or less than net income?