Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Additional information from the accounting records: A building that originally cost $40,000, and which was three-fourths depreciated, was sold for $7,000. The common stock of

Additional information from the accounting records:

  1. A building that originally cost $40,000, and which was three-fourths depreciated, was sold for $7,000.
  2. The common stock of Byrd Corporation was purchased for $5,000 as a long-term investment.
  3. Property was acquired by issuing a 13%, seven-year, $30,000 note payable to the seller.
  4. New equipment was purchased for $15,000 cash.
  5. On January 1, 2024, bonds were sold at their $25,000 face value.
  6. On January 19, Dux issued a 5% stock dividend (1,000 shares). The market price of the $10 par value common stock was $14 per share at that time.
  7. Cash dividends of $13,000 were paid to shareholders.
  8. On November 12, 500 shares of common stock were repurchased as treasury stock at a cost of $8,000.

Required:

Prepare the statement of cash flows of Dux Company for the year ended December 31, 2024. Present cash flows from operating activities by the direct method.

Note: Do not round your intermediate calculations. Enter your answers in thousands (i.e., 10,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign.

image text in transcribed
image text in transcribed
The comparative balance sheets for 2024 and 2023 and the statement of income for 2024 are given below for Dux Company. Additional information from Dux's accounting records is provided also. Additional information from the accounting records: DUX COMPANY Statement of Cash Flows For the year ended December 31, 2024 ( $ in thousands) Cash flows from operating activities: Cash inflows: Cash outflows: \begin{tabular}{|l|l|} \hline Cash outflows: & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \end{tabular} Net cash activities Cash flows from investing activities: \begin{tabular}{|l} \hline \\ \hline Netcashflowsfrominvestingactivities \\ \hline \end{tabular} activities Cash flows from financing activities: Net cash flows from financing activities

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing IT Infrastructures For Compliance

Authors: Martin Weiss, Michael G. Solomon

2nd Edition

1284090701, 978-1284090703

More Books

Students also viewed these Accounting questions

Question

Do you strive to create a diverse workforce?

Answered: 1 week ago