{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-27T05:07:41-04:00", "answer_date": "2024-05-27 05:07:41", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1779335", "url": "\/study-help\/questions\/-1779335", "question_creation_date_js": "2024-05-27T05:07:41-04:00", "question_creation_date": "May 27, 2024 05:07 AM", "meta_title": "[Solved] The comparative balance sheets for 2 0 2 | SolutionInn", "meta_description": "Answer of - The comparative balance sheets for 2 0 2 4 and 2 0 2 3 and the statement of income for 2 0 2 4 are given below for Dux | SolutionInn", "meta_keywords": "comparative,balance,sheets,2,4,3,statement,income,below,dux,company,additional", "question_title_h1": "The comparative balance sheets for 2 0 2 4 and 2 0 2 3 and the statement of income for 2 0 2 4 are", "question_title": "The comparative balance sheets for 2 0 2 4 and 2 0", "question_title_for_js_snippet": "The comparative balance sheets for 2 0 2 4 and 2 0 2 3 and the statement of income for 2 0 2 4 are given below for Dux Company Additional information from Dux's accounting records is provided also DUX COMPANYComparative Balance SheetsDecember 3 1 , 2 0 2 4 and 2 0 2 3 ( $ in thousands ) 2 0 2 4 2 0 2 3 Assets Cash$ 6 0 $ 2 8 Accounts receivable 4 7 5 8 Less Allowance for uncollectible accounts ( 4 ) ( 3 ) Dividends receivable 7 6 Inventory 4 0 3 5 Long term investment 2 8 2 6 Land 1 0 5 8 0 Buildings and equipment 2 0 1 2 3 0 Less Accumulated depreciation ( 3 5 ) ( 7 0 ) $ 4 4 9 $ 3 9 0 Liabilities Accounts payable$ 2 6 $ 3 9 Salaries payable 2 4 Interest payable 5 2 Income tax payable 6 8 Notes payable 2 5 0 Bonds payable 8 5 6 0 Less Discount on bonds ( 3 ) ( 4 ) Shareholders ' Equity Common stock 2 1 0 2 0 0 Paid in capitalexcess of par 2 4 2 0 Retained earnings 8 1 6 1 Less Treasury stock ( 1 2 ) 0 $ 4 4 9 $ 3 9 0 DUX COMPANYIncome StatementFor the Year Ended December 3 1 , 2 0 2 4 ( $ in thousands ) Revenues Sales revenue$ 2 8 0 Dividend revenue 7 $ 2 8 7 Expenses Cost of goods sold 1 6 0 Salaries expense 4 1 Depreciation expense 4 Bad debt expense 1 Interest expense 8 Loss on sale of building 7 Income tax expense 2 0 2 4 1 Net income $ 4 6 Additional information from the accounting records A building that originally cost $ 5 2 , 0 0 0 , and which was three fourths depreciated, was sold for $ 6 , 0 0 0 The common stock of Byrd Corporation was purchased for $ 2 , 0 0 0 as a long term investment Property was acquired by issuing a 1 1 , seven year, $ 2 5 , 0 0 0 note payable to the seller New equipment was purchased for $ 2 3 , 0 0 0 cash On January 1 , 2 0 2 4 , bonds were sold at their $ 2 5 , 0 0 0 face value On January 1 9 , Dux issued a 5 stock dividend ( 1 , 0 0 0 shares ) The market price of the $ 1 0 par value common stock was $ 1 4 per share at that time Cash dividends of $ 1 2 , 0 0 0 were paid to shareholders On November 1 2 , 1 , 0 0 0 shares of common stock were repurchased as treasury stock at a cost of $ 1 2 , 0 0 0 Required Prepare the statement of cash flows of Dux Company for the year ended December 3 1 , 2 0 2 4 Present cash flows from operating activities by the direct method ", "question_description": "
The comparative balance sheets for <\/span>2<\/mn>0<\/mn>2<\/mn>4<\/mn><\/mrow><\/math> and <\/span>2<\/mn>0<\/mn>2<\/mn>3<\/mn><\/mrow><\/math> and the statement of income for <\/span>2<\/mn>0<\/mn>2<\/mn>4<\/mn><\/mrow><\/math> are given below for Dux Company. Additional information from Dux's accounting records is provided also.DUX COMPANYComparative Balance SheetsDecember <\/span>3<\/mn>1<\/mn>,<\/mo><\/mtext>2<\/mn>0<\/mn>2<\/mn>4<\/mn><\/mrow><\/math> and <\/span>2<\/mn>0<\/mn>2<\/mn>3<\/mn>(<\/mi><\/mrow><\/math>$ in thousands<\/span>)<\/mi><\/mtext>2<\/mn>0<\/mn>2<\/mn>4<\/mn>2<\/mn>0<\/mn>2<\/mn>3<\/mn><\/mrow><\/math>Assets Cash$ <\/span>6<\/mn>0<\/mn><\/mrow><\/math>$ <\/span>2<\/mn>8<\/mn><\/mrow><\/math>Accounts receivable<\/span>4<\/mn>7<\/mn>5<\/mn>8<\/mn><\/mrow><\/math>Less: Allowance for uncollectible accounts<\/span>(<\/mi>4<\/mn>)<\/mi>(<\/mi>3<\/mn>)<\/mi><\/mrow><\/math>Dividends receivable<\/span>7<\/mn>6<\/mn><\/mrow><\/math>Inventory<\/span>4<\/mn>0<\/mn>3<\/mn>5<\/mn><\/mrow><\/math>Long<\/span>-<\/mo><\/mrow><\/math>term investment<\/span>2<\/mn>8<\/mn>2<\/mn>6<\/mn><\/mrow><\/math>Land<\/span>1<\/mn>0<\/mn>5<\/mn>8<\/mn>0<\/mn><\/mrow><\/math>Buildings and equipment<\/span>2<\/mn>0<\/mn>1<\/mn>2<\/mn>3<\/mn>0<\/mn><\/mrow><\/math>Less: Accumulated depreciation<\/span>(<\/mi>3<\/mn>5<\/mn>)<\/mi>(<\/mi>7<\/mn>0<\/mn>)<\/mi><\/mrow><\/math> $ <\/span>4<\/mn>4<\/mn>9<\/mn><\/mrow><\/math>$ <\/span>3<\/mn>9<\/mn>0<\/mn><\/mrow><\/math>Liabilities Accounts payable$ <\/span>2<\/mn>6<\/mn><\/mrow><\/math>$ <\/span>3<\/mn>9<\/mn><\/mrow><\/math>Salaries payable<\/span>2<\/mn>4<\/mn><\/mrow><\/math>Interest payable<\/span>5<\/mn>2<\/mn><\/mrow><\/math>Income tax payable<\/span>6<\/mn>8<\/mn><\/mrow><\/math>Notes payable<\/span>2<\/mn>5<\/mn>0<\/mn><\/mrow><\/math>Bonds payable<\/span>8<\/mn>5<\/mn>6<\/mn>0<\/mn><\/mrow><\/math>Less: Discount on bonds<\/span>(<\/mi>3<\/mn>)<\/mi>(<\/mi>4<\/mn>)<\/mi><\/mrow><\/math>Shareholders<\/span>'<\/mi><\/mrow><\/math> Equity Common stock<\/span>2<\/mn>1<\/mn>0<\/mn>2<\/mn>0<\/mn>0<\/mn><\/mrow><\/math>Paid<\/span>-<\/mo><\/mrow><\/math>in capitalexcess of par<\/span>2<\/mn>4<\/mn>2<\/mn>0<\/mn><\/mrow><\/math>Retained earnings<\/span>8<\/mn>1<\/mn>6<\/mn>1<\/mn><\/mrow><\/math>Less: Treasury stock<\/span>(<\/mi>1<\/mn>2<\/mn>)<\/mi>0<\/mn><\/mrow><\/math> $ <\/span>4<\/mn>4<\/mn>9<\/mn><\/mrow><\/math>$ <\/span>3<\/mn>9<\/mn>0<\/mn><\/mrow><\/math>DUX COMPANYIncome StatementFor the Year Ended December <\/span>3<\/mn>1<\/mn>,<\/mo><\/mtext>2<\/mn>0<\/mn>2<\/mn>4<\/mn>(<\/mi><\/mrow><\/math>$ in thousands<\/span>)<\/mi><\/mrow><\/math>Revenues Sales revenue$ <\/span>2<\/mn>8<\/mn>0<\/mn><\/mrow><\/math> Dividend revenue<\/span>7<\/mn><\/mrow><\/math>$ <\/span>2<\/mn>8<\/mn>7<\/mn><\/mrow><\/math>Expenses Cost of goods sold<\/span>1<\/mn>6<\/mn>0<\/mn><\/mrow><\/math> Salaries expense<\/span>4<\/mn>1<\/mn><\/mrow><\/math> Depreciation expense<\/span>4<\/mn><\/mrow><\/math> Bad debt expense<\/span>1<\/mn><\/mrow><\/math> Interest expense<\/span>8<\/mn><\/mrow><\/math> Loss on sale of building<\/span>7<\/mn><\/mrow><\/math> Income tax expense<\/span>2<\/mn>0<\/mn>2<\/mn>4<\/mn>1<\/mn><\/mrow><\/math>Net income $ <\/span>4<\/mn>6<\/mn><\/mrow><\/math>Additional information from the accounting records:A building that originally cost $<\/span>5<\/mn>2<\/mn>,<\/mo>0<\/mn>0<\/mn>0<\/mn>,<\/mo><\/mrow><\/math> and which was three<\/span>-<\/mo><\/mrow><\/math>fourths depreciated, was sold for $<\/span>6<\/mn>,<\/mo>0<\/mn>0<\/mn>0<\/mn>.<\/mo><\/mrow><\/math>The common stock of Byrd Corporation was purchased for $<\/span>2<\/mn>,<\/mo>0<\/mn>0<\/mn>0<\/mn><\/mrow><\/math> as a long<\/span>-<\/mo><\/mrow><\/math>term investment.Property was acquired by issuing a <\/span>1<\/mn>1<\/mn>%<\/mo>,<\/mo><\/mrow><\/math> seven<\/span>-<\/mo><\/mrow><\/math>year, $<\/span>2<\/mn>5<\/mn>,<\/mo>0<\/mn>0<\/mn>0<\/mn><\/mrow><\/math> note payable to the seller.New equipment was purchased for $<\/span>2<\/mn>3<\/mn>,<\/mo>0<\/mn>0<\/mn>0<\/mn><\/mrow><\/math> cash.On January <\/span>1<\/mn>,<\/mo><\/mtext>2<\/mn>0<\/mn>2<\/mn>4<\/mn>,<\/mo><\/mrow><\/math> bonds were sold at their $<\/span>2<\/mn>5<\/mn>,<\/mo>0<\/mn>0<\/mn>0<\/mn><\/mrow><\/math> face value.On January <\/span>1<\/mn>9<\/mn>,<\/mo><\/mrow><\/math> Dux issued a <\/span>5<\/mn>%<\/mo><\/mrow><\/math> stock dividend <\/span>(<\/mi>1<\/mn>,<\/mo>0<\/mn>0<\/mn>0<\/mn><\/mrow><\/math> shares<\/span>)<\/mi>.<\/mo><\/mrow><\/math> The market price of the $<\/span>1<\/mn>0<\/mn><\/mrow><\/math> par value common stock was $<\/span>1<\/mn>4<\/mn><\/mrow><\/math> per share at that time.Cash dividends of $<\/span>1<\/mn>2<\/mn>,<\/mo>0<\/mn>0<\/mn>0<\/mn><\/mrow><\/math> were paid to shareholders.On November <\/span>1<\/mn>2<\/mn>,<\/mo><\/mtext>1<\/mn>,<\/mo>0<\/mn>0<\/mn>0<\/mn><\/mrow><\/math> shares of common stock were repurchased as treasury stock at a cost of $<\/span>1<\/mn>2<\/mn>,<\/mo>0<\/mn>0<\/mn>0<\/mn>.<\/mo><\/mrow><\/math>Required:Prepare the statement of cash flows of Dux Company for the year ended December <\/span>3<\/mn>1<\/mn>,<\/mo><\/mtext>2<\/mn>0<\/mn>2<\/mn>4<\/mn>.<\/mo><\/mrow><\/math> Present cash flows from operating activities by the direct method.<\/span> <\/div><\/span> <\/div><\/div>", "transcribed_text": "", "related_book": { "title": "Managerial Accounting", "isbn": "978-0073526706, 9780073526706", "edition": "12th Edition", "authors": "Ray H. Garrison, Eric W. Noreen, Peter C. Brewer", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/104.jpg", "uri": "\/textbooks\/managerial-accounting-12th-edition-9780073526706", "see_more_uri": "" }, "free_related_book": { "isbn": "B0BW2PWT89", "uri": "\/textbooks\/racist-jokes-b0bw2pwt89-151367", "name": "Racist Jokes", "edition": "" }, "question_posted": "2024-05-27 05:07:41", "see_more_questions_link": "\/study-help\/questions\/business-finance-2024-September-21", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/1-debate-whether-or-not-online-retailers-should-be-required", "description": "1. Debate whether or not online retailers should be required to collect state sales taxes. Suggest an equitable solution to this issue. 2. Research online tax rules. 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