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REQUIRED: Prepare the statement of cash flows of Dux Company for the year ended December 31, 2021. Present cash flows from opearing activities in the
REQUIRED: Prepare the statement of cash flows of Dux Company for the year ended December 31, 2021. Present cash flows from opearing activities in 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.) 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 COMPAY Comparative Balance Sheets December 31, 2021 and 2020 ($ in thousands) 2021 2020 $20 50 $33 48 (4) 3 (3) 2 ASSETS Cash Accounts receivable Less: Allowance for uncollectible accounts Dividends receivable Inventory Long-term investment Land Buildings and equipment Less: Accumulated depreciation 55 50 15 10 40 70 225 (25) $420 250 (50) $369 13 20 2 5 4 2 8 7 30 0 LIABILITIES Accounts payable Salaries payable Interest payable Income tax payable Notes payable Bonds payable Less" Discount on bonds SHAREHOLDERS' EQUITY Common stock Paid-in capital - excess of par Retained earnings Less: Treasury stock 95 70 (2) (3) 210 200 24 20 45 47 (8) 420 0 369 DUX COMPAY Income Statement For the Year Ended December 31, 2021 ($ in thousands) $200 3 $203 REVENUES Sales revenue Dividend revenue EXPENSES Cost of goods sold Salaries expense Depreciation expense Bad debt expense Interest expense Loss on sale of building Income tax expense INET INCOME 120 25 5 1 8 3 16 178 $25 Additional information from the accounting records: a. A building that originally cost $40,000, and which was three-fourths depreciated, was sold for $7,000 b. The common stock of Byrd Corporation was purchased for $5,000 as a long-term investment c. Property was acquied by issuing a 13%, seven-year, $30,000 note payable to the seller. d. New equipment was purchased for $15,000 cash. e. On January 1, 2021, bonds were sold at their $25,000 face value. f. On January 19, Dux issued a 5% stock dividend (1,000 shares). The market prince of the $10 par value common stock was $14 per share at that time. g. Cash dividends of $13,000 were paid to shareholders. h. On November 12 500 shares of common stock were repurchased as treasury stock at a cost of $8,000
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