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:
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter9: Metric-analysis Of Financial Statements
Section: Chapter Questions
Problem 10CDQ
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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:](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd368279c-9e79-41b1-b6f0-c2d5c301fc3d%2F68be3f69-d029-46fb-9458-4abd1ecad46d%2Fbeotkye_processed.jpeg&w=3840&q=75)
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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd368279c-9e79-41b1-b6f0-c2d5c301fc3d%2F68be3f69-d029-46fb-9458-4abd1ecad46d%2Fc9g6bhg_processed.jpeg&w=3840&q=75)
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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