3.)

Yoric Company listed the net changes in its balance sheet accounts for the past year as follows: Debits > Credits > Credits by: Debits by : cash $ 123, 300 Accounts receivable 170, 500 Inventory $ 83, 600 Prepaid expenses 5,000 Long-term loans to subsidiaries 108,060 Long-term investments 90, 060 Plant and equipment 285, 060 Accumulated depreciation 65, 400 Accounts payable 49, 200 Accrued liabilities 5, 200 Income taxes payable 9,500 Bonds payable 403,900 Common stock 125, 060 Retained earnings 75,300 $ 799, 000 $ 799,000 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 $35,700. The equipment originally cost $160,500 and it had $126,100 in accumulated depreciation at the time of sale. c. Cash dividends of $10,400 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: Beginning Ending Plant and equipment $ 2,909, 060 $ 3, 194,000 Accumulated depreciation $ 994, 600 $ 1, 060,000 e. The balance in the Cash account at the beginning of the year was $109,200; 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.) Yoric Company Statement of Cash Flows Operating activities:e. The balance in the Cash account at the beginning ofthe year was $109,200;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 ofthe 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} Investing activities: Financing activities: Beginning cash and cash equivalents Ending cash and cash equivalents A comparative balance sheet for Lomax Company containing data for the last two years is as follows: Lomax Company Comparative Balance Sheet This Year Last Year Assets Current assets: Cash and cash equivalents $ 83,666 5 59,666 Accounts receivable 614,666 646,666 Inventory 622,466 432,666 Prepaid expenses 19,666 11,666 Total current assets 1,339,666 1,142,666 Property, plant, and equipment 2,436,666 1,848,666 Less accumulated depreciation 629,466 526,366 Net property, plant, and equipment 1,366,666 1,227,266 Long-term investments 165,266 166,666 Loans to subsidiaries 132,666 26,666 Total assets S 3,375,866 $ 2,661,366 Liabilities and Stockholders' Equity Current liabilities Accounts payable 5 389,266 5 582,666 Accrued liabilities 32,266 52,866 Income taxes payable 148,666 122,666 Total current liabilities 1,676,666 262,466 Bonds payable 686,666 436,666 Total liabilities 1,756,666 1,198,466 Stockholders' equity: Common stock 1,114,666 1,612,666 Retained earnings 512,866 451,466 Total stockholders\" equity 1,626,866 1,463,466 Total liabilities and stockholders' equity 5 3,375,899 $ 2:5515399 The following additional information is available aboutthe company's activities during this year: . The company declared and paid a cash dividend this year. . Bonds with a principal balance of$392.000 were repaid dur'ing this year. c. Equipment was sold during this year for $76000. The equipment had cost $154000 and had $54400 in accumulated depreciation on the date of sale. d. Long-term investments were sold during the year for $134,000. These investments had cost $60,800 when purchased several years ago. e. The subsidiaries did not repay any outstanding loans during the year. f. Lomax did not repurchase any of its own stock during the year. UDJ The company reported net income this year as follows: Sales 5; 3, 246,666 Cost of goods sold 2,668,866 Gross margin 1,231,266 Selling and administrative expenses 993,666 Net operating income 237,666 Nonoperating items: Gain on sale of investments $ T3,266 Loss on sale of equipment 23,666! 49,666 Income before taxes 287,266 Loss on sale of equipment (23, 600) 49, 600 Income before taxes 287, 200 Income taxes 92, 900 Net income $ 195, 200 Required: Using the indirect method, prepare a statement of cash flows for this year. (List any deduction in cash outflows as negative amounts.) Lomax Company Statement of Cash Flows Operating activities 0 Investing activities: Financing activities: Beginning cash and cash equivalents Ending cash and cash equivalents $ 0