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Business
Accounting
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 This Year $ 81,000 $ 610,000 620,000 18,000 Last Year 58,000 635,000 430,000 10,000 1,329,000 1,133,000 2,420,000 1,840,000 569,000 627,000 1,793,000 101,000 130,000 $3,353,000 $2,639,000 1,063,000 670,000 1,733,000 1,271,000 160,000 75,000 $ 886,000 $ 580,000 31,000 51,000 146,000 126,000 757,000 430,000 1,187,000 1,110,000 1,010,000 510,000 442,000 1,620,000 1,452,000 $3,353,000 $2,639,000 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 $390,000 were repaid during this year. c. Equipment was sold during this year for $75,000. The equipment had cost $150,000 and had $52,000 in accumulated depreciation on the date of sale. d. Long-term investments were sold during the year for $130,000. These investments had cost $59,000 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.

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 This Year $ 81,000 $ 610,000 620,000 18,000 Last Year 58,000 635,000 430,000 10,000 1,329,000 1,133,000 2,420,000 1,840,000 569,000 627,000 1,793,000 101,000 130,000 $3,353,000 $2,639,000 1,063,000 670,000 1,733,000 1,271,000 160,000 75,000 $ 886,000 $ 580,000 31,000 51,000 146,000 126,000 757,000 430,000 1,187,000 1,110,000 1,010,000 510,000 442,000 1,620,000 1,452,000 $3,353,000 $2,639,000 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 $390,000 were repaid during this year. c. Equipment was sold during this year for $75,000. The equipment had cost $150,000 and had $52,000 in accumulated depreciation on the date of sale. d. Long-term investments were sold during the year for $130,000. These investments had cost $59,000 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.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Assets Current assets: Cash and cash equivalents Accounts receivable Inventory Prepaid expenses Lomax Company Comparative Balance Sheet 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 The company reported net income this year as follows: Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Nonoperating items: Gain on sale of investments This Year $ Loss on sale of equipment Income before taxes Income taxes Net income Last Year 81,000 $ 610,000 620,000 18,000 1,329,000 1,133,000 2,420,000 1,840,000 627,000 569,000 1,793,000 1,271,000 101,000 160,000 130,000 75,000 $3,353,000 $2,639,000 The following additional information is available about the company's activities during this year: 58,000 635,000 430,000 10,000 $ 886,000 $ 580,000 31,000 51,000 146,000 126,000 a. The company declared and paid a cash dividend this year. b. Bonds with a principal balance of $390,000 were repaid during this year. c. Equipment was sold during this year for $75,000. The equipment had cost $150,000 and had $52,000 in accumulated depreciation on the date of sale. d. Long-term investments were sold during the year for $130,000. These investments had cost $59,000 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. $ 71,000 1,063,000 757,000 670,000 430,000 1,733,000 1,187,000 1,110,000 1,010,000 510,000 442,000 1,620,000 1,452,000 $3,353,000 $2,639,000 (23,000) $3,200,000 1,984,000 1,216,000 983,000 233,000 48,000 281,000 90,000 $ 191,000
Transcribed Image Text:Assets Current assets: Cash and cash equivalents Accounts receivable Inventory Prepaid expenses Lomax Company Comparative Balance Sheet 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 The company reported net income this year as follows: Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Nonoperating items: Gain on sale of investments This Year $ Loss on sale of equipment Income before taxes Income taxes Net income Last Year 81,000 $ 610,000 620,000 18,000 1,329,000 1,133,000 2,420,000 1,840,000 627,000 569,000 1,793,000 1,271,000 101,000 160,000 130,000 75,000 $3,353,000 $2,639,000 The following additional information is available about the company's activities during this year: 58,000 635,000 430,000 10,000 $ 886,000 $ 580,000 31,000 51,000 146,000 126,000 a. The company declared and paid a cash dividend this year. b. Bonds with a principal balance of $390,000 were repaid during this year. c. Equipment was sold during this year for $75,000. The equipment had cost $150,000 and had $52,000 in accumulated depreciation on the date of sale. d. Long-term investments were sold during the year for $130,000. These investments had cost $59,000 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. $ 71,000 1,063,000 757,000 670,000 430,000 1,733,000 1,187,000 1,110,000 1,010,000 510,000 442,000 1,620,000 1,452,000 $3,353,000 $2,639,000 (23,000) $3,200,000 1,984,000 1,216,000 983,000 233,000 48,000 281,000 90,000 $ 191,000
Operating activities: Investing activities: Financing activities: Lomax Company Statement of Cash Flows Beginning cash and cash equivalents Ending cash and cash equivalents
Transcribed Image Text:Operating activities: Investing activities: Financing activities: Lomax Company Statement of Cash Flows Beginning cash and cash equivalents Ending cash and cash equivalents
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