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Problem 14-11 Missing Data; Statement of Cash Flows (LO14-1, LO14-2] Yoric Company listed the net changes...

Question:

Problem 14-11 Missing Data; Statement of Cash Flows (LO14-1, LO14-2] Yoric Company listed the net changes in its balance shee
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 $_2_ f.
Problem 14-11 Missing Data; Statement of Cash Flows (LO14-1, LO14-2] Yoric Company listed the net changes in its balance sheet accounts for the past year as follows: Cash Accounts receivable Inventory Prepaid expenses Long-term loans to subsidiaries Long-term investments Plant and equipment Accumulated depreciation Accounts payable Accrued liabilities Income taxes payable Bonds payable Common stock Retained earnings Debits > Credits > Credits by: Debits by: $ 51,700 170,200 $ 83,300 4,000 100,000 91,000 343,000 65,700 49,200 5,500 9,600 410,000 129,000 76,600 $ 794,400 $794,400 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 $35,900. The equipment originally cost $160,000 and it had $125,400 in accumulated depreciation at the time of sale. C. Cash dividends of $10,600 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: Plant and equipment Accumulated depreciation Beginning Ending $2,853,000 $3,196,000 $ 991,400 $1,057,100
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 $_2_ 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.) Yoric Company Statement of Cash Flows Operating activities: Net income 0 0 Investing activities: 0 Financina activities:

Answers

Answer:

Yoric Company
Statement of Cash Flows
for the year ended December 31
Cash flows from operating activities
Net income (Loss)            87200 76600+10600
Adjustments to reconcile net income to net cash flow from operating activity:
Depreciation Expenses                 191100
Gain on sale of equipment -1300
Changes in current operating assets and liabilities
Increase in Accounts receivable -170200
Decrease in Inventories 83300
Increase in Prepaid Expenses 4000
Increase in Accounts Payable 49200
Increase in Income taxes payable 9600
Decrease in Accrued liabilities -5500
160200
Net cash flow from operatiing activities 247400
Cash flows from investing activities
Sale of Equipment 35900
Long-term loans to subsidiaries 100000
Long-term investments -91000
Purchase of Equipment -503000
Net cash flow used for investing activities -458100
Cash flows from financing activities
Redemption of Common Stock -129000
Issuance of Bonds Payable 410000
Payment of Cash Dividend -10600
Net cash flow used for financing activities 270400
Increase in cash 125400
Cash at the beginning of the year 109300
Cash at the end of the year          234700
Working
Purchase of Equipment
Ending Cost of Equipment 3196000
Add: Cost of Equipment Sold 160000
Less :Beginning Cost of Equipment 2853000
Purchase of Equipment 503000
Depreciation Expenses
Ending Accumulated Depreciation 1057100
Add: Accumulated Depreciation of Equipment sold 125400
Less : Beginning Accumulated Depreciation 991400
Depreciation Expenses 191100
Gain on Sale of Equipment
Cost of Equipment Sold 160000
Less : Accumulated Depreciation of Equipment sold 125400
Book Value of Equipment Sold 34600
Sale of Equipment 35900
Less: Book Value of Equipment Sold 34600
Gain on sale of equipment 1300
.

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