Question

PROBLEM 14-11 Missing Data; Statement of Cash Flows (L014-1, L014-2] Yoric Company listed the net changes in its balance sheet accounts for the past year as follows: Credits > Debits by: Debits > Credits by: $ 17,000 110,000 $ 65,000 8,000 30,000 80,000 220,000 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 ............ 5,000 32,000 9,000 16,000 400,000 170,000 50,000 $606,000 $606,000 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 $15,000. The equipment originally cost $50,000 and it had $37,000 in accumulated depreciation at the time of sale. Cash dividends of $20,000 were declared and paid during the year. d. The beginning and ending balances in the plant and Equipment and Accumulated Deprecia- tion accounts are given below: Plant and equipment ................. Accumulated depreciation ............. Beginning $1,580,000 $675,000 Ending $1,800,000 $680,000 e. The balance in the Cash account at the beginning of the year was $23,000; 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 assump- tion as to the cause of the change. Required: Using the indirect method, prepare a statement of cash flows for the year.