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These is some missing account (PS: Bad Debt Expense is unavailable to choose) DUX COMPANY Comparative Balance Sheets December 31, 2021 and 2020 ($ in
These is some missing account (PS: Bad Debt Expense is unavailable to choose)
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 $ 51.0 51.0 (5.0) 6.0 58.0 18.0 73.0 213.0 (20.0) $445.0 $ 23.0 53.0 (4.0) 5.0 53.0 13. 40.0 253.0 (65.0) $371.0 DUX COMPANY Income Statement For the Year Ended December 31, 2021 ($ in thousands) Revenues Sales revenue $245.0 Dividend revenue 6.0 $251.0 Expenses Cost of goods sold 126.2 Salaries expense 31.e Depreciation expense 3.0 Bad debt expense Interest expense 14. Loss on sale of building 9.0 Income tax expense 206. Net income 45.0 $ $ 23. 8.e 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 16.0 5.0 7.0 10.0 33.0 89.0 (2.0) 5.0 11.0 Additional information from the accounting records: a. A building that originally cost $64,000, 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, $33,000 note payable to the seller d. New equipment was purchased for $24,000 cash e. On January 1 2021, bonds were sold at their $28,000 face value. t On January 19, Dux issued a 5% stock dividend (1000 shares). The market price of the $10 par value common stock was $14 per share at that time Cash dividends of $16,000 were paid to shareholders. h. On November 12, 12.500 shares of common stock were repurchased as treasury stock at a cost of $8,000. 61.0 (3.0) 210. 24.0 61.0 (8.0) $445.0 200. 20.0 46.8 $371.8 Required: Prepare the statement of cash flows for Dux Company using the indirect method. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands (.e., 10,000 should be entered as 10).) Answer is not complete. DUX COMPANY Statement of Cash Flows For year ended December 31, 2021 (5 in 00s) Cash flows from operating activities: Net income Adjustments for noncash effects: Depreciation expense Loss on sale of building Amortization of bond discount Changes in operating assets and liabilities: Decrease in accounts receivable Increase in dividends receivable Increase in inventory Decrease in accounts payable Decrease in salaries payable Increase in interest payable Decrease in income tax payable SON OOO0000000 OOO Net cash flows from operating activities Cash flows from investing activities Sale of building Purchase of equipment Purchase of long-term investment Net cash flows from investing activities Cash flows from financing activities: Sale of bonds payable Purchase of treasury stock Payment of dividends Not cash flows from financing activibes Net increase in cash Cash balance, January 1 Cash balance, December 31 Noncash investing and financing activities: Acquired land by issuingStep by Step Solution
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