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Yoric Company listed the net changes in its balance sheet accounts for the past year as follows: Debits > Credits by: Credits > Debits by:
Yoric Company listed the net changes in its balance sheet accounts for the past year as follows:
Debits > Credits by: | Credits > Debits by: | |||
Cash | $ | 161,000 | ||
Accounts receivable | 171,000 | |||
Inventory | $ | 65,000 | ||
Prepaid expenses | 4,700 | |||
Long-term loans to subsidiaries | 85,000 | |||
Long-term investments | 92,000 | |||
Plant and equipment | 247,000 | |||
Accumulated depreciation | 65,500 | |||
Accounts payable | 49,800 | |||
Accrued liabilities | 5,700 | |||
Income taxes payable | 9,600 | |||
Bonds payable | 205,000 | |||
Common stock | 125,000 | |||
Retained earnings | 76,500 | |||
$ | 681,400 | $ | 681,400 | |
The following additional information is available about last years activities: |
a. | Net income for the year was $ ? . |
b. | The company sold equipment during the year for $35,100. The equipment originally cost $160,700 and it had $126,900 in accumulated depreciation at the time of sale. |
c. | Cash dividends of $10,100 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 | $ 2,948,000 | $ 3,195,000 |
Accumulated depreciation | $ 983,400 | $ 1,048,900 |
e. | The balance in the Cash account at the beginning of the year was $109,300; 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.
York Company Statement of cash flow- Indirect method Net Income 70,000
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