Chapter 14, Problem 1CCTC

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Can you answer this general accounting question?

Yoric Company listed the net changes in its balance sheet accounts for the past year as follows: Cash and cash equivalents 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: Credits > Debits by: $ 17,000 110,000 $ 65,000 8,000 30,000 80,000 220,000 5,000 32,000 9,000 16,000 400,000 170,000 50,000 $ 606,000 $ 606,000 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 $15,000. The equipment originally cost $50,000 and had $37,000 in accumulated depreciation. c. Cash dividends of $20,000 were 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…