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Instructions The comparative balance sheet of Hirayama Industries Inc. for December 31, 20Y2 and 20Y1, is as follows: Dec 31, 2012 Dec 31, 2011 Assets Cash 5491.00 $157,00 Accounts receivable (net) 285.00 196.00 Inventories 173.00 109.00 Land 401.00. 451.00 Equipment 220.00 173.00 Instructions 220.00 Equipment 8 Accumulated depreciation equipment 173.00 (62.00) (29.00) Total assets $1.508.00 $1.057.00 10 $175.00 $157.00 35.00 Liabilities and Stockholders' Equity 11. Accounts payable (merchandise creditors) 17 Dividends payable 23 common stock $1 par 2. Excess of paid in capital over par 19 Retained earnings 98.00 50.00 255.00 122.00 947.00 728.00 Total liabilities and stockholders equity $1,508.00 -$1.057.00 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 $321 credit to Retained Earings for net income 6. There was a 5102 debit to Retained Earnings for cash dividends declared Required: a Prepare a statement of cash flows using the indirect method of presenting gaan ons from used foncoecating actives Be sure to complete the heading of the statement. Refer to the Labels and Amount Descriptions est provided for the exact wording of the answer choice for text entries. Use the minus sign to indicate cash outflows decreases in cash and a net cash outflow for each section required b. Was Hirayama Industries Inc 's net cash flows from operations more or less than net income? What is the source of this difference? a. Prepare a statement of cash flows, using the indirect method of presenting cash flows from overating activities Be sure to complete the reading of the statement. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Use the minus sign to indicate cash outflows, decreases in cash and a net cash outflow for each section required Hirayama Industries Inc Statement of Cash Flows Label) 1 Cash flows from (used for) operating activities: 2 Adjustments to reconcile net income to net cash flows from used for operating activities: 5 Amount Describe Changes in current operating assets and tobilitas 1 Cash flows from (used for) operating activities: 2 5 Adjustments to reconcile net income to net cash flows from (used for) operating activities: Changes in current operating assets and liabilities: 3 9 10 11 Cash flows from (used for investing activities: 12 13 9 10 11 Cash flows from (used for) investing activities: 12 13 14 (Amount Description) 15 Cash flows from (used for) financing activities: 16 17 18 19 20 Cash balance.January 1, 20Y2 21 Cash balance. December 31, 20Y2

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