Lloyd Lumber Company: Balance Sheets at Beginning and End of 2015 ($ million) Change Jan. 1 Dec. 31 Source Use Cash $ 7 $ 15 Marketable securities 11 Net receivables 30 22 Inventories 53 75 Total current assets $ 90 $ 123 Gross fixed assets 75 125 Less: Accumulated depreciation (25) $ 50 (35) $ 90 Net fixed assets Total assets $140 $ 213 Accounts payable $ 18 $ 15 Notes payable 15 Other current liabilities 15 7 Long-term debt 8 24 Total liabilities $ 44 $ 61 Common stock 29 57 Retained earnings 67 95 Total liabilities and equity $140 $ 213 Note: Total sources must equal total uses. 3.

Lloyd Lumber Company: Balance Sheets at Beginning and End of 2015 ($ million) Change Jan. 1 Dec. 31 Source Use Cash $ 7 $ 15 Marketable securities 11 Net receivables 30 22 Inventories 53 75 Total current assets $ 90 $ 123 Gross fixed assets 75 125 Less: Accumulated depreciation (25) $ 50 (35) $ 90 Net fixed assets Total assets $140 $ 213 Accounts payable $ 18 $ 15 Notes payable 15 Other current liabilities 15 7 Long-term debt 8 24 Total liabilities $ 44 $ 61 Common stock 29 57 Retained earnings 67 95 Total liabilities and equity $140 $ 213 Note: Total sources must equal total uses. 3.

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter13: Financial Statement Analysis

Section: Chapter Questions

Problem 13.10E

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