# Discuss the ratios computed for Lomax Company in problems 13, 14, 15, and 16. What is your

## Question:

Discuss the ratios computed for Lomax Company in problems 13, 14, 15, and 16.

What is your assessment of the performance and future potential of Lomax Company?

**Problems 13**

The following reserve table appeared in the financial statements of Lomax Company:

REQUIRED: Compute the following ratios for all three years:

**Problems 14**

Lomax Company reported the following costs on its financial statements

(in thousands):

REQUIRED: Using the reserve disclosure for Lomax Company in problem 13 and the data presented in this problem, compute finding costs per BOE using the various formulae.

**Problems 15**

Lomax Company reported the following expenses in its financial statements

(in thousands):

REQUIRED: Using the reserve disclosure for Lomax Company given in problem 13 and the data presented in this problem:

## Step by Step Answer:

**Related Book For**

## Fundamentals Of Oil And Gas Accounting

**ISBN:** 9781593701376

5th Edition

**Authors:** Charlotte J. Wright, Rebecca A. Gallun