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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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