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 $ 161,400 170,600 93,000 255,000 Plant and equipment Accumulated depreciation 6,000 129,000 $ 815,000 $ 83,300 4,600 117,000 65,400 48, 100 Beginning $ 2,939,000 $ 975,200 9,900 410,000 The following additional information is available about last year's activities: 76,700 $ 815,000 a. Net income for the year was $___?___. b. The company sold equipment during the year for $36,000. The equipment originally cost $160,400 and it had $125,800 in accumulated depreciation at the time of sale. c. Cash dividends of $11,000 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: Ending $ 3,194,000 $ 1,040,600 e. The balance in the Cash account at the beginning of the year was $109,100; 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. Required: Using the indirect method, prepare a statement of cash flows for the year. (List any deduction in cash and cash outflows as negative
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 $ 161,400 170,600 93,000 255,000 Plant and equipment Accumulated depreciation 6,000 129,000 $ 815,000 $ 83,300 4,600 117,000 65,400 48, 100 Beginning $ 2,939,000 $ 975,200 9,900 410,000 The following additional information is available about last year's activities: 76,700 $ 815,000 a. Net income for the year was $___?___. b. The company sold equipment during the year for $36,000. The equipment originally cost $160,400 and it had $125,800 in accumulated depreciation at the time of sale. c. Cash dividends of $11,000 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: Ending $ 3,194,000 $ 1,040,600 e. The balance in the Cash account at the beginning of the year was $109,100; 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. Required: Using the indirect method, prepare a statement of cash flows for the year. (List any deduction in cash and cash outflows as negative
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
A
Income taxes payable
Bonds payable
Common stock
Retained earnings
$ 161,400
170,600
93,000
255,000
6,000
Plant and equipment
Accumulated depreciation
129,000
$ 815,000
$ 83,300
4,600
117,000
65,400
48, 100
9,900
410,000
The following additional information is available about last year's activities:
Beginning
$ 2,939,000
$ 975,200
76,700
$ 815,000
a. Net income for the year was $___?___
b. The company sold equipment during the year for $36,000. The equipment originally cost $160,400 and it had $125,800 in
accumulated depreciation at the time of sale.
c. Cash dividends of $11,000 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:
Ending
$ 3,194,000
$ 1,040,600
e. The balance in the Cash account at the beginning of the year was $109,100; 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.
Required:
Using the indirect method, prepare a statement of cash flows for the year. (List any deduction in cash and cash outflows as negative
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