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if you cant see the number i will send a better picture. A comparative balance sheet for Lomax Company containing data for the last two
if you cant see the number i will send a better picture.
A comparative balance sheet for Lomax Company containing data for the last two years is as follows: This Year Last Year Lomax Company Comparative Balance Sheet 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 Total liabilities Stockholders' equity: Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 76,000 $ 54,000 600,000 622,500 614,000 425,000 14,000 7,500 1,304,000 1,109,000 2,395,000 1,820,000 621,000 564,500 1,774,000 1,255,500 90,500 145,000 125,000 72,500 $3,293,500 $2,582,000 $ 878,000 $575,000 28,000 46,500 139,500 122 , . 1,045,500 743,500 645,000 415,000 1,690,500 1,158,500 1,100,000 1,005,000 503,000 418,500 1,603,000 1,423,500 $3,293,500 $2,582,000 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 $385,000 were repaid during this year. c Equipment was sold during this year for $72.500. The equipment had cost $140.000 and had $46,000 in accumulated depreciation on the date of sale. d. Long-term investments were sold during the year for $120.000. These investments had cost $54,500 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: $ 3,100,000 1,922,000 1,178,000 956,500 221,500 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 $ 65,500 (21,500) 44,000 265,500 85,000 180,500 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 0 0 Investing activities: 0 Financing activities 0 0 Beginning cash and cash equivalents Ending cash and cash equivalents S 0
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