I need help with this problem. I was using Course Hero but the tutor did not answer my questions correctly.
I need all the proper procedures with all columns.
This is my first time here.
Thank You. 7-10 The consolidated balance sheets for Lloyd Lumber Company at the beginning and end of 2015 follow. The company bought $50 million worth of fixed assets. The charge for depreciation in 2015 was $10 million. Net income was $33 mil lion, and the company paid out $5 million in dividends. a. Fill in the amount of the source or use in the appropriate column. Lloyd Lumber Company: Balance Sheets at Beginning and End of 2015 ($ million) Change Jan. 1 Dec. 31 Source Use $ 7 $ 15 Cash Marketable securities 11 0 Net receivables 30 22 Inventories 53 Total current assets 90 Gross fixed assets 75 Less: Accumulated depreciation Net fixed assets Total assets S 15 Accounts payable Notes payable 15 Other current liabilities 7 Long-term debt 24 $ 61 Total liabilities Common stock 57 Retained earnings Total liabilities and equity 95 $ 213 Note: Total sources must equal total uses. b. Prepare a statement of cash flows. c. Briefly summarize your findings. 17113