Yoric Company listed the net changes in its balance sheet accounts for the past year...
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Accounting
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.
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.)
York Company
Statement of cash flow- Indirect method
Net Income 70,000
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