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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 $ 161,000 170,800 93,000 252,000 Plant and equipment Accumulated depreciation 5,500 125,000 $ 807,300 $ 84,600 5,000 111,000 65,700 48,100 Beginning $ 2,941,000 $ 976,100 9,500 407,000 The following additional information is available about last year's activities: 76,400 $ 807,300 a. Net income for the year was $___?___. b. The company sold equipment during the year for $35,900. The equipment originally cost $160,600 and it had $126,100 in accumulated depreciation at the time of sale. c. Cash dividends of $10,100 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 $ 3,193,000 $ 1,041,800 e. The balance in the Cash account at the beginning of the year was $109,000; 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. Required: Using the indirect method, prepare a statement of cash flows for the year. (List any deduction in cash and cash outflows as negativ mountel

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 $ 161,000 170,800 93,000 252,000 Plant and equipment Accumulated depreciation 5,500 125,000 $ 807,300 $ 84,600 5,000 111,000 65,700 48,100 Beginning $ 2,941,000 $ 976,100 9,500 407,000 The following additional information is available about last year's activities: 76,400 $ 807,300 a. Net income for the year was $___?___. b. The company sold equipment during the year for $35,900. The equipment originally cost $160,600 and it had $126,100 in accumulated depreciation at the time of sale. c. Cash dividends of $10,100 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 $ 3,193,000 $ 1,041,800 e. The balance in the Cash account at the beginning of the year was $109,000; 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. Required: Using the indirect method, prepare a statement of cash flows for the year. (List any deduction in cash and cash outflows as negativ mountel

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 $ 161,000 170,800 93,000 252,000 Plant and equipment Accumulated depreciation 5,500 125,000 $ 807,300 $ 84,600 5,000 111,000 65,700 48, 100 Beginning $ 2,941,000 $ 976,100 9,500 407,000 The following additional information is available about last year's activities: 76,400 $ 807,300 a. Net income for the year was $ ? b. The company sold equipment during the year for $35,900. The equipment originally cost $160,600 and it had $126,100 in accumulated depreciation at the time of sale. c. Cash dividends of $10,100 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 $ 3,193,000 $ 1,041,800 e. The balance in the Cash account at the beginning of the year was $109,000; 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. 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 l
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 $ 161,000 170,800 93,000 252,000 Plant and equipment Accumulated depreciation 5,500 125,000 $ 807,300 $ 84,600 5,000 111,000 65,700 48, 100 Beginning $ 2,941,000 $ 976,100 9,500 407,000 The following additional information is available about last year's activities: 76,400 $ 807,300 a. Net income for the year was $ ? b. The company sold equipment during the year for $35,900. The equipment originally cost $160,600 and it had $126,100 in accumulated depreciation at the time of sale. c. Cash dividends of $10,100 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 $ 3,193,000 $ 1,041,800 e. The balance in the Cash account at the beginning of the year was $109,000; 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. 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 l
Operating activities: Investing activities: Financing activities: топс соmраnу Statement of Cash Flows Beginning cash and cash equivalents Ending cash and cash equivalents
Transcribed Image Text:Operating activities: Investing activities: Financing activities: топс соmраnу Statement of Cash Flows Beginning cash and cash equivalents Ending cash and cash equivalents
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