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The comparative balance sheets for 2024 and 2023 and the statement of income for 2024 are given below for Dux Company. Additional information from
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. DUX COMPANY Comparative Balance Sheets December 31, 2024 and 2023 (s in thousands) Assets Cash Accounts receivable Less: Allowance for uncollectible accounts 2024 2023 $ 64 42 $ 25 55 (4) (3) Dividends receivable 4 3 Inventory 75 70 Long-term investment 22 20 Land 85 65 Buildings and equipment 180 200 Less: Accumulated depreciation (18) (40) $ 450 $ 395 Liabilities Accounts payable $11 $ 13 Salaries payable 4 8 Interest payable 6 3 Bonds payable Income tax payable Notes payable Less: Discount on bonds. Shareholders' Equity Common stock Paid-in capital-excess of par Retained earnings Less: Treasury stock 9 10 20 0 120 95 (5) (6) 210 200 24 20 60 52 (9) 0 $ 450 $ 395 ($ in thousands) Revenues Sales revenue $ 250 Dividend revenue 4 $ 254 Expenses Cost of goods sold 145 Salaries expense 35 Depreciation expense 8 Bad debt expense 1 Interest expense 10 Loss on sale of building 4 Income tax expense 16 219 Net income $ 35 Additional information from the accounting records: a. A building that originally cost $40,000, and which was three-fourths depreciated, was sold for $6,000. b. The common stock of Byrd Corporation was purchased for $2,000 as a long-term investment. c. Property was acquired by issuing a 14%, seven-year, $20,000 note payable to the seller. d. New equipment was purchased for $20,000 cash. e. On January 1, 2024, 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 $13,000 were paid to shareholders. h. On November 12, 500 shares of common stock were repurchased as treasury stock at a cost of $9,000. Required: Prepare the statement of cash flows of Dux Company for the year ended December 31, 2024. Present cash flows from operating activities by the direct method. Note: Do not round your intermediate calculations. Enter your answers in thousands (i.e., 10,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign. DUX COMPANY Statement of Cash Flows For the year ended December 31, 2024 ($ in thousands) Cash flows from operating activities: Cash inflows: Cash outflows: Net cash flows from operating activities 0 Cash flows from investing activities: Net cash flows from investing activities Cash flows from financing activities: Net cash flows from financing activities Net increase (decrease) in cash Cash balance, January 1 Cash balance, December 31 Noncash investing and financing activities: + $ SA 0 0 0
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