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Hello, Please need help with the attached question asap. Thanks Yoric Company listed the net changes in its balance sheet accounts for the past year
Hello,
Please need help with the attached question asap.
Thanks
Yoric Company listed the net changes in its balance sheet accounts for the past year as follows: Debits > Credits by: Cash Account s receivabl e Inventor y Prepaid expenses Longterm loans to subsidiari es Longterm investme nts Plant and equipme nt Accumu lated depreciat ion Account s payable Accrued liabilities Income taxes payable Bonds payable Commo n stock Retaine d earnings Credits > Debits by: $ 143,100 170,300 $ 63,400 4,700 83,000 91,000 262,000 65,200 48,200 5,700 9,800 210,000 122,000 75,200 $ 676,800 $ 676,800 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 $160,800 and it had $127,000 in accumulated depreciation at the time of sale. c. Cash dividends of $11,000 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 Ending $ 2,928,000 $ 3,190,000 $ 979,400 $ 1,044,600 e. The balance in the Cash account at the beginning of the year was $109,400; 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.)Step by Step Solution
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