7 9 points look 10 Problem 13-14 (Algo) Prepare and Interpret a Statement of Cash Flows [LO13-1, LO13-2] A comparative balance sheet for Lomax Company containing data for the last two years is as follows: Lonas Company Comparative Balance Sheet This Year Last Tear Assets Current assets Cash and cash equivalents F 30,000 Accounts receivable Inventory Prepaid expenses Total current assets 628,000 630,000 $ 65,200 657,500 439,000 25,200 14,500 1,374,000 Property, plant, and equipment 2,465,000 1,876,000 Less accumulated depreciation $37,900 $77,100 Net property, plant, and equipment 1,827,200 Long-term investments 119,900 187,000 Losne to subsidiaries 139.000 Total assets 3,460,100 79,300 $2,741,600 Liabilities and Stockholders' Equity Current liabilities Accounts payable Accrued liabilities Income taxes payable 900,400 $589,000 36,400 59.100 157,700 133,200 1,094,500 781,300 715,000 457,000 1,001,500 1,230,309 Total current liabilities Bonds payable Total liabilities Stockholders' equitys Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 1,130,000 522,600 1,450,400 $3,460,100 1,019,000 484,300 1,503,309 3,741,400 The following additional information is available about the company's activities during this year. a The company declared and paid a cash dividend this year b. Bonds with a principal balance of $399,000 were repaid during this year. Check my work 7 points Skipped a. The company declared and paid a cash dividend this year. b. Bonds with a principal balance of $399,000 were repaid during this year. c. Equipment was sold during this year for $79,500. The equipment had cost $168,000 and had $62,800 in accumulated depreciation on the date of sale. d. Long-term investments were sold during the year for $148,000. These investments had cost $67100 when purchased several years ago. e. The subsidiaries did not repay any outstanding loans during the year. f. Lomax did not repurchase any of its own stock during the year. The company reported net income this year as follows: 10 eBook References Sales Cost of goods sold Gross margin Selling and administrative expenses Ronoperating ite Net operating Income Gain on sale of investments Loss on sale of equipment Incone before taxes Income taxe Bet incone Required: $3,380,000 2,095,600 1,284,400 1,030,706 253,708 60,900 125,700) 55,200 308,900 $9,000 3:309,900 1. Using the indirect method, prepare a statement of cash flows for this year. (List any deduction in cash outflows as negative amounts.) Lomax Company Statement of Cash Flows Operating activites Check my work Ch13 homework Help Save & Exit Submit Check my work 9 D 7 +Back 01 Investing activities Financing activi Ending cash and cash as