A comparative balance sheet for Lomax Company containing data for the last two years is as follows: Assets Current assets: pped Book Cash and cash equivalents Accounts receivable Inventory Prepaid expenses Total current assets Lomax Company Comparative Balance Sheet This Year Last Year $ 98,000 644,000 640,400 31,600 $ 71,600 677,500 447,000 18,500 1,414,000 1,214,600 2,505,000 1,908,000 647,400 584,300 Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Long-term investments Loans to subsidiaries. Total assets Liabilities and Stockholders' Equity Current liabilities Accounts payable Accrued liabilities Income taxes payable Total current liabilities Bonds payable Total liabilities Stockholders' equity: Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 1,857,600 136,700 147,000 $ 3,555,300 1,323,700 211,000 83,500 $ 2,832,800 66,300 $ 913,200 41,200 168,100 1,122,500 $ 597,000 139,600 802,900 755,000 481,000 1,877,500 1,283,900 1,144,000 533,800 1,677,800 $ 3,555,300 1,027,000 521,900 1,548,900 $ 2,832,800 The following additional information is available about the company's activities during this year: 9 kipped Book 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 $407,000 were repaid during this year. c. Equipment was sold during this year for $83,500. The equipment had cost $184,000 and had $72,400 in accumulated depreciation on the date of sale. d. Long-term investments were sold during the year for $164,000. These investments had cost $74,300 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: Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Nonoperating items: Gain on sale of investments Loss on sale of equipment Income before taxes Income taxes Net income. Required: $ 3,540,000 2,194,800 1,345,200 1,073,100 272,100 $ 89,700 (28,100) 61,600 333,700 107,000 $ 226,700 Using the indirect method, prepare a statement of cash flows for this year. (List any deduction in cash outflows as negative amounts.) W Lomax Company < Prev of 9 Next