Question
Lydex Company Comparative Balance Sheet This Year Last Year Assets Current assets: Cash Marketable securities Accounts receivable, net Inventory Prepaid expenses Total current assets
Lydex Company Comparative Balance Sheet This Year Last Year Assets Current assets: Cash Marketable securities Accounts receivable, net Inventory Prepaid expenses Total current assets Plant and equipment, net Total assets Liabilities and Stockholders' Equity Liabilities: Current liabilities Note payable, 10% Total liabilities Stockholders' equity: Common stock, $70 par value Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 870,000 0 2,340,000 3,510,000 240,000 6,960,000 9,340,000 $ 16,300,000 $ 3,920,000 3,600,000 7,520,000 7,000,000 1,780,000 8,780,000 $ 16,300,000 $ 1,110,000 300,000 1,440,000 2,100,000 180,000 5,130,000 8,960,000 $ 14,090,000 $ 2,800,000 3,000,000 5,800,000 7,000,000 1,290,000 8,290,000 $ 14,090,000 Lydex Company Comparative Income Statement and Reconciliation Sales (all on account) Cost of goods sold This Year $ 15,770,000 12,616,000 3,154,000 Last Year $ 12,680,000 Gross margin Selling and administrative expenses Net operating income Interest expense Net income before taxes Income taxes (30%) Net income Common dividends Net income retained Beginning retained earnings Ending retained earnings 9,510,000 3,170,000 1,594,000 1,568,000 1,560,000 1,602,000 360,000 300,000 1,200,000 1,302,000 360,000 390,600 840,000 911,400 350,000 455,700 490,000 455,700 834,300 1,290,000 $ 1,780,000 $ 1,290,000
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