Problem - Yoric Company listed the net changes in its balance sheet accounts for the past year as follows:
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Debits > Credits by:
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Credits >
Debits by:
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Cash
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$143,100
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Accounts receivable
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170,300
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Inventory
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$63,400
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Prepaid expenses
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4,700
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Long-term loans to subsidiaries
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83,000
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Long-term investments
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91,000
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Plant and equipment
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262,000
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Accumulated depreciation
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65,200
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Accounts payable
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48,200
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Accrued liabilities
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5,700
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Income taxes payable
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9,800
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Bonds payable
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210,000
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Common stock
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122,000
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Retained earnings
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75,200
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$676,800
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$676,800
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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 $35,700. The equipment originally cost $160,800 and it had $127,000 in accumulated depreciation at the time of sale.
c. Cash dividends of $11,000 were declared and paid during the year.
d. The beginning and ending balances in the Plant and Equipment and Accumulated Depreciation accounts are given below:
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Beginning
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Ending
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Plant and equipment
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$ 2,928,000
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$ 3,190,000
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Accumulated depreciation
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$ 979,400
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$ 1,044,600
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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.