Closing balance: At the end of the daily, monthly or annual accounting periods there will be a particular amount in an account. This amount will be either in the form of receipt or liability. This amount is called the closing balance. Cash flow statement: The statement which summarizes the net amount of cash disbursed and received with regards to a particular activity is called cash flow statement. Determine the net income and closing cash balance of Yoric Company for the year. Prepare the cash flow statement of the company.

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Chapter 13, Problem 11P

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Closing balance: At the end of the daily, monthly or annual accounting periods there will be a particular amount in an account. This amount will be either in the form of receipt or liability. This amount is called the closing balance.

Cash flow statement: The statement which summarizes the net amount of cash disbursed and received with regards to a particular activity is called cash flow statement.

Determine the net income and closing cash balance of Yoric Company for the year. Prepare the cash flow statement of the company.

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