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The comparative balance sheets for 2018 and 2017 and the statement of income for 2018 are given below for Dux Company. Additional information from Dux's
The comparative balance sheets for 2018 and 2017 and the statement of income for 2018 are given below for Dux Company. Additional information from Dux's accounting records is provided also. DUX COMPANY Comparative Balance Sheets December 31, 2018 and 2017 ($ in 2005) 2018 2017 $ $ 57 56 (5) 5 32 71 (4) 3 Assets Cash Accounts receivable Less: Allowance for uncollectible accounts Dividends receivable Inventory Long-term investment Land Buildings and equipment Less: Accumulated depreciation 79 62 39 123 213 (37) $ 530 22 64 274 (74) $ 450 $ $ 25 5 7 44 6 4 22 19 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 59 119 (14) 82 (27) 222 36 212 32 75 67 (15) $ 530 $ 450 DUX COMPANY Income Statement For Year Ended December 31, 2018 ($ in 6005) Revenues Sales revenue $ 310 Dividend revenue 7 $ 317 Expenses Cost of goods sold 132 Salaries expense 37 Depreciation expense 29 Bad debt expense 1 Interest expense 20 Loss on sale of building 7 Income tax expense 29 255 Net income $ 62 Additional information from the accounting records: a. A building that originally cost $88,000, and which was three-fourths depreciated, was sold for $15,000. b. The common stock of Byrd Corporation was purchased for $17,000 as a long-term investment. c. Property was acquired by issuing a 12%, seven-year, $59,000 note payable to the seller. d. New equipment was purchased for $27,000 cash. e. On January 1, 2018, bonds were sold at their $37,000 face value. f. On January 19, Dux issued a 3% stock dividend (1,000 shares). The market price of the $10 par value common stock was $14 per share at that time. g. Cash dividends of $56,000 were paid to shareholders. h. On November 30,000 shares of common stock were repurchased as treasury stock at a cost of $15,000. Required: Prepare the statement of cash flows for Dux Company using the indirect method. (Do not round intermediate calculations. Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands. (i.e., 10,000 should be entered as 10).))
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