UX COMPANY Comparative Balance Sheets December 31, 2018 and 2017 ($ in 000s) 2018, 2017 Assets (Cash $67 $37) (Accounts receivable $61 $81) (Less Allowance for uncollectible accounts $(6) $(5) )(Dividends receivable $4 $3) (Inventory $89 $67 ) (Long term investment $49 $27 ) (Land $143 $73 ) (Buildings and equipment $208 $284 )(Less Accumulated depreciation $(42) $(84) totals $573 $483 Liabilities (Accounts payable $30 $54 ) (Salaries payable $4 $10 ) (Interest payable $6 $4 ) (Income tax payable $24 $30 ) (Notes payable $70 0 ) (Bonds payable $129 $87 ) (Less Discount on bonds $(19) $(37) Shareholders' Equity ( Common stock $227 $217 ) (Paid in capitalexcess of par $38 $37 ) (Retained earnings $84 $81 ) (Less Treasury stock $(20) 0 ) ( totals $573 $483 ) DUX COMPANY Income Statement For Year Ended December 31, 2018 ($ in 000s) Revenues Sales revenue $ 360 Dividend revenue 9 $ 369 Expenses Cost of goods sold 137 Salaries expense 42 Depreciation expense 39 Bad debt expense 1 Interest expense 25 Loss on sale of building 3 Income tax expense 34 281 Net income $ 88 Additional information from the accounting records 1 A building that originally cost $108,000, and which was three fourths depreciated, was sold for $24,000 2 The common stock of Byrd Corporation was purchased for $22,000 as a long term investment 3 Property was acquired by issuing a 15 , seven year, $70,000 note payable to the seller 4 New equipment was purchased for $32,000 cash 5 On January 1, 2018, bonds were sold at their $42,000 face value 6 On January 19, Dux issued a 3 stock dividend (1,000 shares) The market price of the $10 par value common stock was $11 per share at that time 7 Cash dividends of $74,000 were paid to shareholders 8 On November 40,000 shares of common stock were repurchased as treasury stock at a cost of $20,000 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) ))

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 31, 2024

UX COMPANY Comparative Balance Sheets December 31, 2018 and 2017 ($ in 000s) 2018, 2017 Assets :(Cash $67.... $37) (Accounts receivable $61.....$81) (Less: Allowance for

UX COMPANY Comparative Balance Sheets December 31, 2018 and 2017 ($ in 000s)

2018, 2017

Assets :(Cash $67.... $37) (Accounts receivable $61.....$81) (Less: Allowance for uncollectible accounts:$(6)....$(5) )(Dividends receivable $4.....$3) (Inventory $89...$67 ) (Long-term investment $49...$27 ) (Land $143....$73 ) (Buildings and equipment $208...$284 )(Less: Accumulated depreciation $(42)....$(84) totals $573 ....$483

Liabilities : (Accounts payable $30....$54 ) (Salaries payable $4 ...$10 ) (Interest payable $6 ....$4 ) (Income tax payable $24.... $30 ) (Notes payable $70 ... 0 ) (Bonds payable $129....$87 ) (Less: Discount on bonds $(19)...$(37)

Shareholders' Equity: (Common stock $227....$217 ) (Paid-in capitalexcess of par $38...$37 ) (Retained earnings $84....$81 ) (Less: Treasury stock $(20)...0 ) ( totals $573....$483 )

DUX COMPANY Income Statement For Year Ended December 31, 2018 ($ in 000s)
Revenues
Sales revenue	$	360
Dividend revenue		9	$	369
Expenses
Cost of goods sold		137
Salaries expense		42
Depreciation expense		39
Bad debt expense		1
Interest expense		25
Loss on sale of building		3
Income tax expense		34		281
Net income			$	88

Additional information from the accounting records:

1. A building that originally cost $108,000, and which was three-fourths depreciated, was sold for $24,000. 2. The common stock of Byrd Corporation was purchased for $22,000 as a long-term investment. 3. Property was acquired by issuing a 15%, seven-year, $70,000 note payable to the seller. 4. New equipment was purchased for $32,000 cash. 5. On January 1, 2018, bonds were sold at their $42,000 face value.6. On January 19, Dux issued a 3% stock dividend (1,000 shares). The market price of the $10 par value common stock was $11 per share at that time. 7. Cash dividends of $74,000 were paid to shareholders. 8. On November 40,000 shares of common stock were repurchased as treasury stock at a cost of $20,000.

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).))