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: $ 59,300 170,200 94,000 345,000 5,000 Plant and equipment Accumulated depreciation 127,000 $ 800,500 $ 83,400 4,300 106,000 75,400 $ 800,500 The following additional information is available about last year's activities: 65,100 49,000 9,300 408,000 a. Net income for the year was $ b. The company sold equipment during the year for $35,500. The equipment originally cost $160,100 and it had $126,600 in accumulated depreciation at the time of sale. Beginning. $ 2,853,000 $984,900 c. Cash dividends of $10,300 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: Ending $ 3,198,000 $ 1,050,000 e. The balance in the Cash account at the beginning of the year was $110,000; 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.
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: $ 59,300 170,200 94,000 345,000 5,000 Plant and equipment Accumulated depreciation 127,000 $ 800,500 $ 83,400 4,300 106,000 75,400 $ 800,500 The following additional information is available about last year's activities: 65,100 49,000 9,300 408,000 a. Net income for the year was $ b. The company sold equipment during the year for $35,500. The equipment originally cost $160,100 and it had $126,600 in accumulated depreciation at the time of sale. Beginning. $ 2,853,000 $984,900 c. Cash dividends of $10,300 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: Ending $ 3,198,000 $ 1,050,000 e. The balance in the Cash account at the beginning of the year was $110,000; 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Subject: accounting
Transcribed Image Text: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:
$ 59,300
170,200
94,000
345,000
5,000
Plant and equipment
Accumulated depreciation
127,000
$ 800,500
$ 83,400
4,300
106,000
65,100
49,000
9,300
408,000
The following additional information is available about last year's activities:
Beginning.
$ 2,853,000
$984,900
75,400
$ 800,500
a. Net income for the year was $?
b. The company sold equipment during the year for $35,500. The equipment originally cost $160,100 and it had $126,600 in
accumulated depreciation at the time of sale.
c. Cash dividends of $10,300 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:
Ending.
$ 3,198,000
$ 1,050,000
e. The balance in the Cash account at the beginning of the year was $110,000; 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.
Transcribed Image Text: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.)
Operating activities:
Investing activities:
Financing activities:
Yoric Company
Statement Cash Flows
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0
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