Prepare the statement of cash flows of Dux Company for the year ended December 31, 2021 using the direct method.
*I marked the balances i got wrong in red, everything else was correct*
Balance sheet and income statement clearer.
The comparative balance sheets for 2021 and 2020 and the statement of income for 2021 are given below for Dux Company. Additional information from Dux's accounting records is provided also. DUX COMPANY Comparative Balance Sheets December 31, 2021 and 2020 Sin thousands) c ounts Accounts receivable Less Ac Dividends recevable Inventory Long Bugs and Les conc o 18 Accounts payable Salarios payable Interest payable Income tax patie Nos payable Bonds payable Less Discount on bonds Shareholders' Equity Common stock Paid in capital excess of par Retained carings Less: Treasury stock Sa *** 3**... Former Ended December 31, 2021 Additional information from the accounting records: a. A building that originally cost $44,000, and which was three-fourths depreciated was sold for $7.000. b. The common stock of Byrd Corporation was purchased for $4,000 as a long-term investment c. Property was acquired by issuing a 15%, seven-year, $30,000 note payable to the seller d. New equipment was purchased for $21,000 cash. e. On January 1, 2021, bonds were sold at their $25,000 face value 1. 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. 9. Cash dividends of $14,000 were paid to shareholders. h. On November 12. 1,000 shares of common stock were repurchased as treasury stock at a cost of $10.000 Required: Prepare the statement of cash flows of Dux Company for the year ended December 31, 2021. Present cash flows from operating activities by the direct method. (Do not round your intermediate calculations. Enter your answers in thousands (ie.. 10,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign.) Required: Prepare the statement of cash flows of Dux Company for the year ended December 31, 2021. Present cash flows from operating activities by the direct method. (Do not round your intermediate calculations. Enter your answers in thousands (i.e., 10,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign.) DUX COMPANY Statement of Cash Flows For the year ended December 31, 2021 ($ in thousands) Cash flows from operating activities: Cash inflows. From customers From dividends received Cash outflows: To employees To suppliers of goods For income taxes For interest Not cash flows from operating sites Cash flows from investing activities: Sale of building Purchase of long-term investment Purchase of equipment Net cash flows from investing activities Cash flows from financing activities Payment of dividends Purchase of treasury stock Sale of bonds payable (14) (101 25 Net cash flows from financing activities Net increase (decrease) in cash Cash balance, January 1 Cash balance, December 31 Noncash investing and financing activities Acquired land DUX COMPANY Comparative Balance Sheets December 31, 2021 and 2020 ($ in thousands) 2021 2020 $ 47 $ 26 (5) (4) Assets Cash Accounts receivable Less: Allowance for uncollectible accounts Dividends receivable Inventory Long-term investment Land Buildings and equipment Less: Accumulated depreciation 100 (26) $ 472 (50) $ 415 $ 62 $ 73 Liabilities Accounts payable Salaries payable Interest payable Income tax payable Notes payable Bonds payable Less: Discount on bonds Shareholders' Equity Common stock Paid-in capital-excess of par Retained earnings Less: Treasury stock 75 (1) 50 (2) 210 200 65 (10) $ 472 0 $ 415 DUX COMPANY Income Statement For the Year Ended December 31, 2021 (s in thousands) Revenues Sales revenue $ 260 Dividend revenue 5 $ 265 Expenses Cost of goods sold 150 Salaries expense Depreciation expense Bad debt expense Interest expense Loss on sale of building Income tax expense 227 Net income $ 38 . DUX COMPANY Statement of Cash Flows For the year ended December 31, 2021 ($ in thousands) Cash flows from operating activities: Cash inflows: From customers From dividends received Cash outflows To employees To suppliers of goods For income taxes For interest Net cash flows from operating activities Cash flows from investing activities: Sale of building Purchase of long-term investment Purchase of equipment Net cash flows from investing activities Cash flows from financing activities: Payment of dividends Purchase of treasury stock Sale of bonds payable Net cash flows from financing activities Net increase (decrease) in cash Cash balance, January 1 L Cash balance, December 31 Noncash investing and financing activities: Acquired land
