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 ($ in 000s) 2021 2020 Assets Cash $ 62 $ 35 Accounts receivable 58 62 Dividends receivable 5 4 Inventory 75 70 Long term investment 45 40 Land 90 60 Buildings and equipment 291 300 Less Accumulated depreciation (62) (90) $ 564 $ 481 Liabilities Accounts payable $ 41 $ 73 Salaries payable 2 4 Interest payable 9 5 Income tax payable 5 8 Notes payable 30 0 Bonds payable 120 95 Less Discount on bonds (5) (6) Shareholders' Equity Common stock 210 200 Paid in capitalexcess of par 24 20 Retained earnings 138 82 Less Treasury stock (at cost) (10) 0 $ 564 $ 481 2 DUX COMPANY Income Statement For the Year Ended December 31, 2021 ($ in 000s) Revenues Sales revenue $ 350 Dividend revenue 5 $ 355 Expenses Cost of goods sold 195 Salaries expense 28 Depreciation expense 8 Interest expense 10 Loss on sale of building 3 Income tax expense 27 271 Net income $ 84 Additional information from the accounting records a A building that originally cost $48,000, and which was three fourths depreciated, was sold for $9,000 b The common stock of Byrd Corporation was purchased for $5,000 as a long term investment c Property was acquired by issuing a 12 , seven year, $30,000 note payable to the seller d New equipment was purchased for $39,000 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 price of the $10 par value common stock was $14 per share at that time g 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 Prepare the reconciliation between net income and cash flows from operating activities if needed Microsoft Word Chapter 21 Written Assignment 1 2 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 000s) 2021 S 62 58 5 $ 35 Assets Cash Accounts receivable Dividends receivable Inventory Long term investment Land Buildings and equipment Less Accumulated depreciation 70 291 (62) 60 300 (90) $481 S 564 Liabilities Accounts payable Salaries payable Interest payable Income tax payable Notes payable Bonds payable Less Discount on bonds Shareholders' Equity Common stock Paid in capitalexcess of par Retained earnings Less Treasury stock (al cost) 210 138 82 (10) S 564 0 5481 Microsoft Word Chapter 21 Written Assignment 2 2 DUX COMPANY Income Statement For the Year Ended December 31, 2021 (Sin 000) Revenues Sales revenue $ 350 Dividend revenue 5 $ 355 Expenses Cost of goods sold 195 Salaries expense Depreciation expense Interest expense Loss on sale of building Income tax expense Net income Additional information from the accounting records a A building that originally cost $48,000, and which was three fourths depreciated, was sold for $9 000 b The common stock of Byrd Corporation was purchased for $5,000 as a long term investment c Property was acquired by issuing a 12 , seven year, $30,000 note payable to the seller d New equipment was purchased for S39,000 cash c 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 price of the $10 par value common stock was S14 per share at that time Cash dividends of S14,000 were paid to shareholders h On November 12, 1,000 shares of common stock were repurchased as treasury stock at a cost of S10,000 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 Prepare the reconciliation between net income and cash flows from operating activities if needed

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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

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

($ in 000s)

2021 2020

Assets

Cash $ 62 $ 35

Accounts receivable 58 62

Dividends receivable 5 4

Inventory 75 70

Long-term investment 45 40

Land 90 60

Buildings and equipment 291 300

Less: Accumulated depreciation (62) (90)

$ 564 $ 481

Liabilities

Accounts payable $ 41 $ 73

Salaries payable 2 4

Interest payable 9 5

Income tax payable 5 8

Notes payable 30 0

Bonds payable 120 95

Less: Discount on bonds (5) (6)

Shareholders' Equity

Common stock 210 200

Paid-in capitalexcess of par 24 20

Retained earnings 138 82

Less: Treasury stock (at cost) (10) 0

$ 564 $ 481

DUX COMPANY

Income Statement

For the Year Ended December 31, 2021

($ in 000s)

Revenues

Sales revenue $ 350

Dividend revenue 5 $ 355

Expenses

Cost of goods sold 195

Salaries expense 28

Depreciation expense 8

Interest expense 10

Loss on sale of building 3

Income tax expense 27 271

Net income $ 84

Additional information from the accounting records:

a. A building that originally cost $48,000, and which was three-fourths depreciated, was sold

for $9,000.

b. The common stock of Byrd Corporation was purchased for $5,000 as a long-term investment.

c. Property was acquired by issuing a 12%, seven-year, $30,000 note payable to the seller.

d. New equipment was purchased for $39,000 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 price of the $10

par value common stock was $14 per share at that time.

g. 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. Prepare the reconciliation

between net income and cash flows from operating activities if needed. image text in transcribed

Microsoft Word - Chapter 21 Written Assignment 1/2 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 000s) 2021 S 62 58 5 $ 35 Assets Cash Accounts receivable Dividends receivable Inventory Long-term investment Land Buildings and equipment Less: Accumulated depreciation 70 291 (62) 60 300 (90) $481 S 564 Liabilities Accounts payable Salaries payable Interest payable Income tax payable Notes payable Bonds payable Less: Discount on bonds Shareholders' Equity Common stock Paid-in capitalexcess of par Retained earnings Less: Treasury stock (al cost) 210 138 82 (10) S 564 0 5481 Microsoft Word - Chapter 21 Written Assignment 2/2 DUX COMPANY Income Statement For the Year Ended December 31, 2021 (Sin 000) Revenues Sales revenue $ 350 Dividend revenue - 5 $ 355 Expenses Cost of goods sold 195 Salaries expense Depreciation expense Interest expense Loss on sale of building Income tax expense Net income Additional information from the accounting records: a. A building that originally cost $48,000, and which was three-fourths depreciated, was sold for $9.000. b. The common stock of Byrd Corporation was purchased for $5,000 as a long-term investment. c. Property was acquired by issuing a 12%, seven-year, $30,000 note payable to the seller. d. New equipment was purchased for S39,000 cash. c. 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 price of the $10 par value common stock was S14 per share at that time. Cash dividends of S14,000 were paid to shareholders. h. On November 12, 1,000 shares of common stock were repurchased as treasury stock at a cost of S10,000. 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. Prepare the reconciliation between net income and cash flows from operating activities if needed