Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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 | $ | 137,100 | ||
Accounts receivable | 170,100 | |||
Inventory | $ | 64,300 | ||
Prepaid expenses | 4,800 | |||
Long-term loans to subsidiaries | 81,000 | |||
Long-term investments | 98,000 | |||
Plant and equipment | 258,000 | |||
Accumulated depreciation | 65,200 | |||
Accounts payable | 48,300 | |||
Accrued liabilities | 5,000 | |||
Income taxes payable | 9,800 | |||
Bonds payable | 207,000 | |||
Common stock | 122,000 | |||
Retained earnings | 75,400 | |||
$ | 673,000 | $ | 673,000 | |
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 $35,500. The equipment originally cost $160,500 and it had $126,500 in accumulated depreciation at the time of sale. |
c. | Cash dividends of $10,300 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 | $ 2,939,000 | $ 3,197,000 |
Accumulated depreciation | $ 986,100 | $ 1,051,300 |
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
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started