Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

help A comparative balance sheet for Lomax Company containing data for the last two years is as follows: Lomax Company Comparative Balance Sheet This Year

help
image text in transcribed
image text in transcribed
image text in transcribed
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-ters 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 $ 79,000 $ 56,400 606, 000 630.000 627,600 428,000 16.400 9,000 1.319,000 1,123,400 2.410,000 1,832,000 624,600 567. 200 1, 785,400 1,264,800 96, 800 154,000 128,000 74,000 $3,329, 200 $2,616,200 $882,800 $ 578,000 29,800 49. 200 143,400 124.400 1,056, 000 751,600 660.000 424,000 1.716,000 1,175.600 1,106,000 1,008,000 507, 200 432.600 1,613, 2001, 440, 600 $3.329,200 $2,616,200 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 $388,000 were repaid during this year. c. Equipment was sold during this year for $74,000. The equipment had cost $146,000 and had $49,600 in accumulated depreciation on the date of sale. d. Long-term investments were sold during the year for $126,000. These investments had cost $57.200 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 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 $388,000 were repaid during this year. c. Equipment was sold during this year for $74,000. The equipment had cost $146,000 and had $49,600 in accumulated depreciation on the date of sale. d. Long-term investments were sold during the year for $126,000. These investments had cost $57,200 when purchased several years 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 ago. The company reported net income this year as follows: $9, 160,000 1.959,200 1.200,800 972,400 228, 400 Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Nonoperating itens: Gain on sale of investments Loss on sale of equipment Income before taxes Income taxes Net income $68.800 122,400) 46,400 274,000 88000 186, 800 $ 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 Net income Adjustments to convert contribution margin to a cash basis 0 0 Investing activities 0 Financing activities 0 0 Net cash provided by financing activities Net increase in cash and cash equivalents Beginning cash and cash equivalents Ending cash and cash equivalents $ 0

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Anti Money Laundering Governance Risk Management And Compliance GRC Book 4

Authors: Uwem Essia, Kester Ehiwario

1st Edition

B0BBXZ6GKR, 979-8848908473

More Books

Students also viewed these Accounting questions

Question

Would you change the ending of the book? If so, how?

Answered: 1 week ago

Question

2. Define identity.

Answered: 1 week ago

Question

1. Identify three communication approaches to identity.

Answered: 1 week ago

Question

4. Describe phases of majority identity development.

Answered: 1 week ago