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[The following information applies to the questions displayed below.) The comparative balance sheets for 2021 and 2020 and the statement of income for 2021 are
[The following information applies to the questions displayed below.) 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 thousands) 2021 2020 Assets Cash Accounts receivable Less: Allowance for uncollectible accounts Dividends receivable Inventory Long-term investment Land Buildings and equipment Less: Accumulated depreciation $ 465 80 (4) 35 103 95 182 561 (105) $ 1,412 $ 324 82 (3) 18 82 90 120 586 (114) $ 1,185 Liabilities Accounts payable Salaries payable Interest payable Income tax payable Notes payable Bonds payable $ 45 18 20 23 62 543 $ 52 21 18 24 0 390 543 (18) 390 (19) Bonds payable Less: Discount on bonds Shareholders' Equity Common stock Paid-in capital-excess of par Retained earnings Less: Treasury stock steel 370 120 237 (8) $ 1.412 360 100 239 0 $ 1,185 DUX COMPANY Income Statement For the Year Ended December 31, 2021 ($ in thousands) Revenues Sales revenue $ 520 Dividend revenue 35 $ 555 Expenses Cost of goods sold $ 312 Salaries expense 41 Depreciation expense 21 Bad debt expense 1 Interest expense 40 Loss on sale of building 3 Income tax expense $ 48 466 Net income $ 89 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 lona-term investment. 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 acquired by issuing a 13%, seven-year, $62,000 note payable to the seller. d. New equipment was purchased for $15,000 cash. e. On January 1, 2021, bonds were sold at their $153,000 face value. f. On January 19, Dux issued a stock dividend (1,000 shares). The market price of the $10 par value common stock was $30 per share at that time. g. Cash dividends of $61,000 were paid to shareholders. h. On November 12, 2,100 shares of common stock were repurchased as treasury stock at a cost of $8,000. Required: Prepare the T-account for Dux Company. (Enter your answers in thousands. (i.e., 10,000 should be entered as 10).) Cash Beg. Bal. Operating Activities: Investing Activities: Financing Activities: End. Bal. Accounts Receivable Beg. Bal. End. Bal. Dividends Receivable Beg. Bal. End. Bal. Land Beg. Bal. End. Bal. Accumulated Depreciation Beg. Bal. End. Bal. Salaries Payable Beg. Bal. End. Bal. Income Tax Payable Beg. Bal. End. Bal. Bonds Payable Beg. Bal. Bonds Payable Beg. Bal. End. Bal. Common Stock Beg. Bal. End. Bal. Retained Earnings Beg. Bal. End. Bal. Sales Beg. Bal. End. Bal. Cost of Goods Sold Beg. Bal. End. Bal. Depreciation Expense Beg. Bal. End. Bal. Loss on Sale of Building Beg. Bal. End. Bal. Net Income (Income Summary) Beg. Bal. End. Bal. Allowance for Uncollectible accounts Beg. Bal. End. Bal. Inventory Beg. Bal. End. Bal. Long-term Investments Beg. Bal. End. Bal. Buildings and Equipment Beg. Bal. End. Bal. Accounts Payable Beg. Bal. End. Bal. Interest Payable Beg. Bal. End. Bal. Notes Payable Beg. Bal. End. Bal. Discount on Bonds Beg. Bal. Discount on Bonds Beg. Bal. End. Bal. Paid-in CapitalExcess of Par Beg. Bal. End. Bal. Treasury Stock Beg. Bal. End. Bal. Dividend Revenue Beg. Bal. Dividend Revenue Beg. Bal End. Bal. Salaries Expense Beg. Bal. End. Bal. Bad Debt Expense Beg. Bal. End. Bal. Interest Expense Beg. Bal. Interest Expense Beg. Bal. End. Bal. Income Tax Expense Beg. Bal. End. Bal. [The following information applies to the questions displayed below.) The comparative balance sheets for 2021 and 2020 and the statement of income for 2021 are given below for Dux Company. Additional information from Dux's accounting records is provided also. DUX COMPANY Comparative Balance Sheets December 31, 2021 and 2020 ($ in thousands) 2021 2020 Assets Cash Accounts receivable Less: Allowance for uncollectible accounts Dividends receivable Inventory Long-term investment Land Buildings and equipment Less: Accumulated depreciation $ 465 80 (4) 35 103 95 182 561 (105) $ 1,412 $ 324 82 (3) 18 82 90 120 586 (114) $ 1,185 Liabilities Accounts payable Salaries payable Interest payable Income tax payable Notes payable Bonds payable $ 45 18 20 23 62 543 $ 52 21 18 24 0 390 543 (18) 390 (19) Bonds payable Less: Discount on bonds Shareholders' Equity Common stock Paid-in capital-excess of par Retained earnings Less: Treasury stock steel 370 120 237 (8) $ 1.412 360 100 239 0 $ 1,185 DUX COMPANY Income Statement For the Year Ended December 31, 2021 ($ in thousands) Revenues Sales revenue $ 520 Dividend revenue 35 $ 555 Expenses Cost of goods sold $ 312 Salaries expense 41 Depreciation expense 21 Bad debt expense 1 Interest expense 40 Loss on sale of building 3 Income tax expense $ 48 466 Net income $ 89 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 lona-term investment. 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 acquired by issuing a 13%, seven-year, $62,000 note payable to the seller. d. New equipment was purchased for $15,000 cash. e. On January 1, 2021, bonds were sold at their $153,000 face value. f. On January 19, Dux issued a stock dividend (1,000 shares). The market price of the $10 par value common stock was $30 per share at that time. g. Cash dividends of $61,000 were paid to shareholders. h. On November 12, 2,100 shares of common stock were repurchased as treasury stock at a cost of $8,000. Required: Prepare the T-account for Dux Company. (Enter your answers in thousands. (i.e., 10,000 should be entered as 10).) Cash Beg. Bal. Operating Activities: Investing Activities: Financing Activities: End. Bal. Accounts Receivable Beg. Bal. End. Bal. Dividends Receivable Beg. Bal. End. Bal. Land Beg. Bal. End. Bal. Accumulated Depreciation Beg. Bal. End. Bal. Salaries Payable Beg. Bal. End. Bal. Income Tax Payable Beg. Bal. End. Bal. Bonds Payable Beg. Bal. Bonds Payable Beg. Bal. End. Bal. Common Stock Beg. Bal. End. Bal. Retained Earnings Beg. Bal. End. Bal. Sales Beg. Bal. End. Bal. Cost of Goods Sold Beg. Bal. End. Bal. Depreciation Expense Beg. Bal. End. Bal. Loss on Sale of Building Beg. Bal. End. Bal. Net Income (Income Summary) Beg. Bal. End. Bal. Allowance for Uncollectible accounts Beg. Bal. End. Bal. Inventory Beg. Bal. End. Bal. Long-term Investments Beg. Bal. End. Bal. Buildings and Equipment Beg. Bal. End. Bal. Accounts Payable Beg. Bal. End. Bal. Interest Payable Beg. Bal. End. Bal. Notes Payable Beg. Bal. End. Bal. Discount on Bonds Beg. Bal. Discount on Bonds Beg. Bal. End. Bal. Paid-in CapitalExcess of Par Beg. Bal. End. Bal. Treasury Stock Beg. Bal. End. Bal. Dividend Revenue Beg. Bal. Dividend Revenue Beg. Bal End. Bal. Salaries Expense Beg. Bal. End. Bal. Bad Debt Expense Beg. Bal. End. Bal. Interest Expense Beg. Bal. Interest Expense Beg. Bal. End. Bal. Income Tax Expense Beg. Bal. End. Bal
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