Lomax Company Comparative Balance Sheet This Year Last Year $ 82,000 $ 58,800 612,000 637,500 621,200 431, 18,800 10,500 1,334,000 1,137,800 2,425,000 1,844,000 628,200 569,900 1,796,800 1,274,100 I 103,100 163,000 131,000 75,500 $3,364,900 $2,650,400 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 $ 887,600 $ 581,800 31,600 51,900 147,300 126,800 1,066,500 759, 700 675 , 433,000 1,741,500 1, 192,700 1,112,000 1,011, 000 511,400 446,700 1,623,400 1,457,700 $3,364,900 $2,650,400 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 $391,000 were repaid during this year. c. Equipment was sold during this year for $75,500. The equipment had cost $152.000 and had $53,200 in accumulated depreciation on the date of sale. d. Long-term investments were sold during the year for $132,000. These investments had cost $59,900 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: $ 3,220,000 1,996,400 1,223,600 988,300 235, 380 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 $ 72,100 (23,300) 48,888 284,100 91,800 193, 180 $ Lomax Company Statement of Cash Flows Operating activities: + 0 0 Investing activities: 0 0 Investing activities: + 0 Financing activities: 0 0 Beginning cash and cash equivalents Ending cash and cash equivalents $ 0 0