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Required information [The following information applies to the questions displayed below] Lydex Company's financial statements for the last two years are as follows: Lydex Company Comparative Balance Sheet This Year Last Year Assets Current assets: Cash Marketable securities Accounts receivable, net Inventory Prepaid expenses Total current assets Plant and equipment, net Total assets Liabilities and Stockholders' Equity Liabilities: Current liabilities Note payable, 10% Total liabilities Stockholders' equity Common stock, $75 par value Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $940,000 2,620,000 3,580,000 250,000 7,390,000 9,480,000 $ 16,870,000 $ 1,180,000 300,000 1,720,000 2,300,000 190,000 5,690,000 9,030,000 $ 14,720,000 $ 3,990,000 3,660,000 7,650,000 7,500,000 1,720,000 $ 2,940,000 3,060,000 6,000,000 9,220,000 $ 16,870,000 7,500,000 1,220,000 ,720,000 $14,720,000 Lydex Company Comparative Income Statement and Reconciliation Sales (all on account) Cost of goods sold Gross margin Selling and administrative expenses Net operating income Interest expense Net income before taxes This Year $ 15,840,000 12,672,000 3,168,000 1,602,000 1,566,000 365,000 1,200,000 Last Year 5 13,380,000 10,035,000 3,345,000 1,596,000 1,749,000 306,000 1,443,000 < Prev 2 3 of 3 Next >