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The consolidated balance sheets for Lloyd Lumber Company at the beginning and end of the year...

  1. The consolidated balance sheets for Lloyd Lumber Company at the beginning and end of the year follow. The company bought $50 million worth of fixed assets. The charge for depreciation during the year was $10 million. Net income was $33 million, and the company paid out $5 million in dividends.

                        Lloyd Lumber Company: Balance Sheets at Beginning and End of the year ($ million)      

                                                                                                                       

                                                                                   Jan. 1         Dec. 31             

Cash                                                   $    7            $    5          

Marketable securities                                 0                11          

Net receivables                                       30                22          

Inventories                                              53                75          

Total current assets                             $ 90            $ 23

Gross fixed assets                                   75              125          

Less: Accumulated depreciation          ( 225)           (235)

Net fixed assets                                   $ 50            $ 90

Total assets                                         $140             $213

Accounts payable                                  $18            $ 15          

Notes payable                                           3                15          

Other current liabilities                             15                  7          

Long-term debt                                          8                24          

Common stock                                        29                57          

Retained earnings                                    67                95          

Total liabilities and equity                     $140             $213

                        Note: Total sources must equal total uses.

  1. Prepare a statement of cash flows.
  2. Briefly summarize your findings.

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Expert Solution

jeff jeffy answered 1 year ago
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