Homework Help is Here – Start Your Trial Now!
Business
Accounting
DUX COMPANY Income Statement For Year Ended December 31, 2018. ($ in 000s) Revenues Sales revenue Dividend revenue Expenses Cost of goods sold Salaries expense Depreciation expense Bad debt expense Interest expense Loss on sale of building Income tax expense Net income $320 8 $328 133 38 31 1 21 9 30 263 $65 Additional information from the accounting records: a. A building that originally cost $92,000, and which was three-fourths depreciated, was sold for $14,000. b. The common stock of Byrd Corporation was purchased for $18,000 as a long-term investment. c. Property was acquired by issuing a 15%, seven-year, $60,000 note payable to the seller. d. New equipment was purchased for $28,000 cash. e. On January 1, 2018, bonds were sold at their $38,000 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 $11 per share at that time. g. Cash dividends of $51,000 were paid to shareholders. h. On November 42,000 shares of common stock were repurchased as treasury stock at a cost of $21,000. Required: Prepare the statement of cash flows for Dux Company using the indirect method. (Do not round intermediate calculations. Amounts

DUX COMPANY Income Statement For Year Ended December 31, 2018. ($ in 000s) Revenues Sales revenue Dividend revenue Expenses Cost of goods sold Salaries expense Depreciation expense Bad debt expense Interest expense Loss on sale of building Income tax expense Net income $320 8 $328 133 38 31 1 21 9 30 263 $65 Additional information from the accounting records: a. A building that originally cost $92,000, and which was three-fourths depreciated, was sold for $14,000. b. The common stock of Byrd Corporation was purchased for $18,000 as a long-term investment. c. Property was acquired by issuing a 15%, seven-year, $60,000 note payable to the seller. d. New equipment was purchased for $28,000 cash. e. On January 1, 2018, bonds were sold at their $38,000 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 $11 per share at that time. g. Cash dividends of $51,000 were paid to shareholders. h. On November 42,000 shares of common stock were repurchased as treasury stock at a cost of $21,000. Required: Prepare the statement of cash flows for Dux Company using the indirect method. (Do not round intermediate calculations. Amounts

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
100%
Please do not give image format and fast answering
DUX COMPANY Income Statement For Year Ended December 31, 2018 ($ in 000s) Revenues Sales revenue Dividend revenue Expenses Cost of goods sold Salaries expense Depreciation expense Bad debt expense Interest expense Loss on sale of building Income tax expense Net income $320 8 $328 133 38 31 1 21 9 30 263 $ 65 Additional information from the accounting records: a. A building that originally cost $92,000, and which was three-fourths depreciated, was sold for $14,000. b. The common stock of Byrd Corporation was purchased for $18,000 as a long-term investment. c. Property was acquired by issuing a 15%, seven-year, $60,000 note payable to the seller. d. New equipment was purchased for $28,000 cash. e. On January 1, 2018, bonds were sold at their $38,000 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 $11 per share at that time. g. Cash dividends of $51,000 were paid to shareholders. h. On November 42,000 shares of common stock were repurchased as treasury stock at a cost of $21,000. Required: Prepare the statement of cash flows for Dux Company using the indirect method. (Do not round intermediate calculations. Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands. (i.e., 10,000 should be entered as 10).))
Transcribed Image Text:DUX COMPANY Income Statement For Year Ended December 31, 2018 ($ in 000s) Revenues Sales revenue Dividend revenue Expenses Cost of goods sold Salaries expense Depreciation expense Bad debt expense Interest expense Loss on sale of building Income tax expense Net income $320 8 $328 133 38 31 1 21 9 30 263 $ 65 Additional information from the accounting records: a. A building that originally cost $92,000, and which was three-fourths depreciated, was sold for $14,000. b. The common stock of Byrd Corporation was purchased for $18,000 as a long-term investment. c. Property was acquired by issuing a 15%, seven-year, $60,000 note payable to the seller. d. New equipment was purchased for $28,000 cash. e. On January 1, 2018, bonds were sold at their $38,000 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 $11 per share at that time. g. Cash dividends of $51,000 were paid to shareholders. h. On November 42,000 shares of common stock were repurchased as treasury stock at a cost of $21,000. Required: Prepare the statement of cash flows for Dux Company using the indirect method. (Do not round intermediate calculations. Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands. (i.e., 10,000 should be entered as 10).))
The comparative balance sheets for 2018 and 2017 and the statement of income for 2018 are given below for Dux Company. Additional information from Dux's accounting records is provided also. Assets Cash Accounts receivable Less: Allowance for uncollectible accounts Dividends receivable Inventory Long-term investment Land Buildings and equipment Less: Accumulated depreciation Liabilities Accounts payable Salaries payable Interest payable DUX COMPANY Comparative Balance Sheets December 31, 2018 and 2017 ($ in 000s) 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 2018 $ 59 57 (6) 6 81 41 125 212 (38) $ 537 $ 26 6 8 20 60 121 (15) ****|*|| 2017 $ 33 73 (5) 4 63 23 65 276 (76) $ 456 $ 46 8 6 24 0 83 (29) 380-8 213 33 72 $ 456
Transcribed Image Text:The comparative balance sheets for 2018 and 2017 and the statement of income for 2018 are given below for Dux Company. Additional information from Dux's accounting records is provided also. Assets Cash Accounts receivable Less: Allowance for uncollectible accounts Dividends receivable Inventory Long-term investment Land Buildings and equipment Less: Accumulated depreciation Liabilities Accounts payable Salaries payable Interest payable DUX COMPANY Comparative Balance Sheets December 31, 2018 and 2017 ($ in 000s) 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 2018 $ 59 57 (6) 6 81 41 125 212 (38) $ 537 $ 26 6 8 20 60 121 (15) ****|*|| 2017 $ 33 73 (5) 4 63 23 65 276 (76) $ 456 $ 46 8 6 24 0 83 (29) 380-8 213 33 72 $ 456
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Events after the reporting period
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS