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.
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 52E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...
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