A comparative balance sheet for Lomax Company containing data for the last two years is as follows: Lomax Company Comparative Balance Sheet This Year Last Year Assets Current assets: Cash and cash equivalents Accounts receivable Inventory Prepaid expenses Total current assets 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 Totol liabilities Stockholders' equity: Connon stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 72,800 592,000 609,200 18,800 1,284,000 2,375,000 616,200 1,758,888 82,100 121,600 $ 3,245,900 $ 50,800 612,500 421,888 5.500 1,689,880 1,884,000 560, 900 1,243,100 133,000 78,500 $ 2,536, 480 $ 871,600 25,600 134,300 1,031,500 625.000 1,656,500 $ 571,000 42,900 118.800 732,700 403,000 1.135,700 1,092,000 497, 400 1,589,400 $ 3,245,900 1,001,000 399,200 1,400,700 $ 2,536,400 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 $381000 were repaid during this year Equipment was sold during this year for $70,500. The equipment had cost $132.000 and had $41,200 in accumulated depreciation on the date of sale d. Long-term investments were sold during the year for $112.000. These investments had cost $50.900 when purchased several years ago e. The subsidiaries did not repay any outstanding loans during the year a. The company declared and paid a cash dividend this year. b. Bonds with a principal balance of $381,000 were repaid during this year. c. Equipment was sold during this year for $70,500. The equipment had cost $132,000 and had $41,200 in accumulated depreciation on the date of sale. d. Long-term investments were sold during the year for $112,000. These investments had cost $50,900 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: $ 3,020,000 1,872,400 1,147,600 935,388 212,300 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 $ 61,100 (20,300) 40,800 253,100 B1,000 $ 172,300 Required: 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 activities Lomax company Statement of Cash Flows Operating activities: 0 0 Investing activities: 0 Financing activities: 0 od 0 Beginning cash and cash equivalents
