What am I missing in my answers? Why is the 'additions to property, plant, and equipment' wrong? What is the amount of the issuance of bonds payable? Is there anything else I am missing? Please 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 Last Year $ 78,000 $ 55,600 604,000 627,500 616,400 427,000 15,600 8,500 1,314,000 1,118,600 2,405,000 1,828,000 623,400 566,300 1,781,600 1,261,700 94,700 151,000 127,000 73,500 $3,317,300 $2,604,800 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 $ 881,200 $ 577,000 29,200 48,300 142,100 123,600 1,052.500 748,900 655,000 421,000 1, 707,500 1,169,900 1,104,000 505,800 1,609,800 $3,317,300 1,007,000 427,900 1,434,900 $2,604,800 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 $387,000 were repaid during this year. c. Equipment was sold during this year for $73,500. The equipment had cost $144,000 and had $48,400 in accumulated depreciation on the date of sale. d. Long-term investments were sold during the year for $124,000. These investments had cost $56,300 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: $3,140,000 1,946,800 1,193,200 967, 100 226,100 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 $ 67,700 (22,100) 45,600 271,700 87.000 184,700 $ X Answer is not complete. 184.700 Lomax Company Statement of Cash Flows Operating activities: Net income Adjustments to convert net income to a cash basis: Decrease in accounts receivable Increase in inventory Increase in prepaid expenses Depreciation Increase in accounts payable Decrease in accrued liabilities Increase in income taxes payable Loss on sale of equipment Gain on sale of investments 00 00 00 23,500 (189,400) (7.100) 105,500 304,200 (19,100) 18,500 22,100 (67.700) Ooo 190,500 375,200 Net cash provided by operating activities Investing activities: Additions to property, plant, and equipment Loan to subsidiaries Proceeds from sale of equipment Proceeds from sale of long-term investments 00 00 (4,089,000) (53,500) 73,500 124,000 (3.945.000) Net cash used in investing activities Financing activities: Issuance of bonds payable Retirement of bonds payable Issuance of common stock Cash dividends paid 00 00 00 (387,000) 97,000 (106,800) Net cash provided by financing activities Net increase in cash and cash equivalents Beginning cash and cash equivalents (396.800) (3,966,600) 55,600
