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Yoric Company listed the net changes in its balance sheet accounts for the past year as follows: Credits > Debits by: Cash Accounts receivable. Inventory. Prepaid expenses Long-term loans to subsidiaries. Long-term investments Plant and equipment Accumulated depreciation. Accounts payable Accrued liabilities. Income taxes payable Bonds payable. Common stock Retained earnings Debits > Credits by: $ 160,500 170,700 98,000 247,000 5,400 127,000 $808,600 $ 84,800 4,900 114,000 65,600 48,300 10,000 405,000 76,000 $ 808,600 The following additional information is available about last year's activities: a. Net income for the year was $? b. The company sold equipment during the year for $35,200. The equipment originally cost $160,500 and it had $127,200 in accumulated depreciation at the time of sale. c. Cash dividends of $10,000 were declared and paid during the year. d. The beginning and ending balances in the Plant and Equipment and Accumulated Depreciation accounts are given below:

Yoric Company listed the net changes in its balance sheet accounts for the past year as follows: Credits > Debits by: Cash Accounts receivable. Inventory. Prepaid expenses Long-term loans to subsidiaries. Long-term investments Plant and equipment Accumulated depreciation. Accounts payable Accrued liabilities. Income taxes payable Bonds payable. Common stock Retained earnings Debits > Credits by: $ 160,500 170,700 98,000 247,000 5,400 127,000 $808,600 $ 84,800 4,900 114,000 65,600 48,300 10,000 405,000 76,000 $ 808,600 The following additional information is available about last year's activities: a. Net income for the year was $? b. The company sold equipment during the year for $35,200. The equipment originally cost $160,500 and it had $127,200 in accumulated depreciation at the time of sale. c. Cash dividends of $10,000 were declared and paid during the year. d. The beginning and ending balances in the Plant and Equipment and Accumulated Depreciation accounts are given below:

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Yoric Company listed the net changes in its balance sheet accounts for the past year as follows: Debits > Credits by: Credits > Debits by: Cash Accounts receivable. Inventory Prepaid expenses Long-term loans to subsidiaries Long-term investments Plant and equipment Accumulated depreciation Accounts payable Accrued liabilities. Income taxes payable. Bonds payable Common stock Retained earnings $ 160,500 170,700 98,000 247,000 5,400 127,000 $808,600 $ 84,800 4,900 114,000 65,600 48,300 10,000 405,000 76,000 808,600 The following additional information is available about last year's activities: a. Net income for the year was $?. b. The company sold equipment during the year for $35,200. The equipment originally cost $160,500 and it had $127,200 in accumulated depreciation at the time of sale. c. Cash dividends of $10,000 were declared and paid during the year. d. The beginning and ending balances in the Plant and Equipment and Accumulated Depreciation accounts are given below:
Transcribed Image Text:Yoric Company listed the net changes in its balance sheet accounts for the past year as follows: Debits > Credits by: Credits > Debits by: Cash Accounts receivable. Inventory Prepaid expenses Long-term loans to subsidiaries Long-term investments Plant and equipment Accumulated depreciation Accounts payable Accrued liabilities. Income taxes payable. Bonds payable Common stock Retained earnings $ 160,500 170,700 98,000 247,000 5,400 127,000 $808,600 $ 84,800 4,900 114,000 65,600 48,300 10,000 405,000 76,000 808,600 The following additional information is available about last year's activities: a. Net income for the year was $?. b. The company sold equipment during the year for $35,200. The equipment originally cost $160,500 and it had $127,200 in accumulated depreciation at the time of sale. c. Cash dividends of $10,000 were declared and paid during the year. d. The beginning and ending balances in the Plant and Equipment and Accumulated Depreciation accounts are given below:
Plant and equipment Accumulated depreciation Beginning $ 2,949,000 $ 992,700 e. The balance in the Cash account at the beginning of the year was $109,700; the balance at the end of the year was $_______ f. If data are not given explaining the change in an account, make the most reasonable assumption as to the cause of the change. Operating activities: Ending $3,196,000 $ 1,058,300 Required: Using the indirect method, prepare a statement of cash flows for the year. (List any deduction in cash and cash outflows as negative amounts.) Yoric Company Statement of Cash Flows
Transcribed Image Text:Plant and equipment Accumulated depreciation Beginning $ 2,949,000 $ 992,700 e. The balance in the Cash account at the beginning of the year was $109,700; the balance at the end of the year was $_______ f. If data are not given explaining the change in an account, make the most reasonable assumption as to the cause of the change. Operating activities: Ending $3,196,000 $ 1,058,300 Required: Using the indirect method, prepare a statement of cash flows for the year. (List any deduction in cash and cash outflows as negative amounts.) Yoric Company Statement of Cash Flows
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