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In: Accounting

Yoric Company listed the net changes in its balance sheet accounts for the past year as...

Yoric Company listed the net changes in its balance sheet accounts for the past year as follows:

Debits >
Credits by:		 Credits >
Debits by:
Cash $ 132,300
Accounts receivable 170,500
Inventory $ 84,400
Prepaid expenses 4,000
Long-term loans to subsidiaries 117,000
Long-term investments 90,000
Plant and equipment 278,000
Accumulated depreciation 65,800
Accounts payable 49,800
Accrued liabilities 5,500
Income taxes payable 9,500
Bonds payable 401,000
Common stock 124,000
Retained earnings 76,800
$ 804,300 $ 804,300

  

The following additional information is available about last year’s activities:

Net income for the year was $    ?    .

The company sold equipment during the year for $35,400. The equipment originally cost $160,200 and it had $126,700 in accumulated depreciation at the time of sale.

Cash dividends of $10,100 were declared and paid during the year.

The beginning and ending balances in the Plant and Equipment and Accumulated Depreciation accounts are given below:

Beginning Ending
Plant and equipment $ 2,915,000 $ 3,193,000
Accumulated depreciation $ 985,900 $ 1,051,700

The balance in the Cash account at the beginning of the year was $109,900; the balance at the end of the year was $    ?    .

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.)

Yoric Company
Statement of Cash Flows
Operating activities:
0
0
Investing activities:
0
Financing activities:
0
0
Beginning cash and cash equivalents
Ending cash and cash equivalents $0

Solutions

Expert Solution

Cash flow Statement
Operating Actvities
Net Income (76800+10100) 86900
Adjustment to reconcile net income to Cash Basis
Depreciation 1051700+126700-985900 192500
Gain on sale -1900
Increase in Acount Receivable -170500
Decrease in Inventory 84400
Increase in Prepaid expenses -4000
Increase in Accounts payable 49800
Decrease in Accrued liabilities -5500
Increase in taxes payable 9500 154300
Net Cash provided by operating Activities 241200
Investing Activities
Sales of Equipment 35400
Additions to plant and equipment -438200
Additions to long-term investments -90000
Cash outflow from investment activities -492800
Financing Activities
Issuance of bonds payable 401000
Re purchase of common stock -124000
Decrease in long-term loans to subsidiaries 117000
Dividend Paid -10100
Cash flow from Financing Activities 383900
Increase in cash flow 132300
Beginning Cash Flow 109900
Ending Cash flow 242200

ekkarill92 answered 2 years ago
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