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NawnyMonster
NawnyMonster
28.04.2021 • 
Business

Yoric Company listed the net changes in its balance sheet accounts for the past year as follows: Debits >
Credits by: Credits >
Debits by:
Cash and cash equivalents $ 86,400
Accounts receivable 170,000
Inventory $ 84,200
Prepaid expenses 4,900
Long-term loans to subsidiaries 103,000
Long-term investments 99,000
Plant and equipment 301,000
Accumulated depreciation 65,800
Accounts payable 49,200
Accrued liabilities 5,600
Income taxes payable 9,300
Bonds payable 408,000
Common stock 128,000
Retained earnings 75,400
$ 794,900 $ 794,900

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 $35,900. The equipment originally cost $160,600 and it had $126,500 in accumulated depreciation at the time of sale.
Cash dividends of $11,000 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 $ 2,898,000 $ 3,199,000
Accumulated depreciation $ 976,400 $ 1,042,200

The balance in the Cash account at the beginning of the year was $109,600; 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.)

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