Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Problem 15-11 (Algo) Missing Data; Statement of Cash Flows [LO15-1, LO15-2] Yoric Company listed the net changes in its balance sheet accounts for the

image text in transcribedimage text in transcribed

Problem 15-11 (Algo) Missing Data; Statement of Cash Flows [LO15-1, LO15-2] Yoric Company listed the net changes in its balance sheet accounts for the past year as follows: 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 > Credits by: Debits by: $ 104,800 170,700 $ 83,200 4,900 119,000 100,000 299,000 65,100 48,200 5,600 9,700 402,000 128,000 76,000 $ 808,100 $ 808,100 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 $35,500. The equipment originally cost $160,100 and it had $126,400 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: Plant and equipment Accumulated depreciation Beginning $ 2,894,000 Ending $3,193,000 $ 987,200 $ 1,052,300 e. The balance in the Cash account at the beginning of the year was $109,900; 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.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Payroll Accounting 2016

Authors: Jeanette Landin, Paulette Schirmer

2nd edition

978-1259821950, 1259821951, 1259572196, 978-1259572197

More Books

Students also viewed these Accounting questions

Question

Give examples of what you did under (say) five of the roles.

Answered: 1 week ago