In: Finance
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.