Texas Roadhouse opened a new restaurant in October. During its first three months of operation, the restaurant sold gift cards in various amounts totaling $2,800. The cards are redeemable for meals within one year of the purchase date. Gift cards totaling $624 were presented for redemption during the first three months of operation prior to year-end on December 31. The sales tax rate on restaurant sales is 4%, assessed at the time meals (not gift cards) are purchased. Texas Roadhouse will remit sales taxes in January Required: 1. & 2. Record in summary form the $2,800 in gift cards sold keeping in mind that, in actuality, the firm would record och sale of a gift card individually) and the $624 in gift cards redeemed (int. The $624 Includes a 4% sales tax of $24) (if no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) Problem 14-11 Missing Data; Statement of Cash Flows [LO14-1, LO14-2] Yoric Company listed the net changes in its balance sheet accounts for the past year as follows: Debits > Credits by: $ 133,800 170,500 Credits > Debits byt $ 84,800 4,900 102,000 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 96,000 263,000 65,700 49,000 5,300 9,800 409,000 123,000 $ 796,500 76,200 $796,500 The following additional information is available about last year's activities: a. Net income for the year was $_2_ b. The company sold equipment during the year for $35,400. The equipment originally cost $160,800 and it had $127,300 in accumulated depreciation at the time of sale. c. Cash dividends of $10,800 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: 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 $35,400. The equipment originally cost $160,800 and it had $127,300 in accumulated depreciation at the time of sale. c. Cash dividends of $10,800 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 $2,936,000 $3, 199,000 $ 986,300 $1,052,000 e. The balance in the Cash account at the beginning of the year was $109,500; the balance at the end of the year was $? t. If data are not given explaining the change in an account, make the most reasonable assumption as to the cause of the change. : 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 Conh Flows Operating activities
