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 (i.e., 10,000 should be entered as 10).) **Dux Company Financial Overview**The comparative balance sheets for the years 2021 and 2020, along with the income statement for 2021, provide crucial insights into the financial position and performance of Dux Company. Additional accounting records information is presented as follows:### Comparative Balance Sheets (in thousands)**Assets:**- **2021:** - Cash: $105.0 - Accounts Receivable: $60.0 - Less: Allowance for Uncollectible Accounts: $(5.0) - Dividends Receivable: $15.0 - Inventory: $67.0 - Long-term Investment: $27.0 - Land: $82.0 - Buildings and Equipment: $177.0 - Less: Accumulated Depreciation: $(11.0) - **Total Assets:** $517.0- **2020:** - Cash: $32.0 - Accounts Receivable: $62.0 - Less: Allowance for Uncollectible Accounts: $(4.0) - Dividends Receivable: $14.0 - Inventory: $62.0 - Long-term Investment: $26.0 - Land: $48.0 - Buildings and Equipment: $262.0 - Less: Accumulated Depreciation: $(110.0) - **Total Assets:** $380.0**Liabilities:**- **2021:** - Accounts Payable: $25.0 - Salaries Payable: $14.0 - Interest Payable: $16.0 - Income Tax Payable: $19.0 - Notes Payable: $42.0 - Bonds Payable: $95.0 - Less: Discount on Bonds: $(2.0)- **2020:** - Accounts Payable: $32.0 - Salaries Payable: $17.0 - Interest Payable: $14.0 - Income Tax Payable: $20.0 - Notes Payable: $0.0 - Bonds Payable: $58.0 - Less: Discount on Bonds: $(3.0)**Shareholders' Equity:**- ## Accounting Information for Dux Company**Additional Information from the Accounting Records:**a. A building that originally cost $136,000, 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, $42,000 note payable to the seller.d. New equipment was purchased for $51,000 cash.e. On January 1, 2021, bonds were sold at their $37,000 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 $25,000 were paid to shareholders.h. On November 12, 12,500 shares of common stock were repurchased as treasury stock at a cost of $8,000.**Required:**Prepare the statement of cash flows for Dux Company using the indirect method. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands (i.e., 10,000 should be entered as 10).)---### Dux Company**Statement of Cash Flows***For the year ended December 31, 2021 ($ in 000s)*| Cash flows from operating activities: | | ||---------------------------------------|---------|---------|| Net income | | || **Adjustments for noncash effects:** | | || | | || | | || | | || **Changes in operating assets and liabilities:** | | || | | || | | || | | || **Net cash flows from operating activities** | | || **Cash flows from investing activities:** | | || | | |> *Note: The table for the cash flow statement has blank spaces intended for financial data entries relevant to cash flow adjustments and activities.*

Cash Flow Statement is very important to know how cash was utilized and how the cash was generated…

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 (i.e., 10,000 should be entered as 10).)

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 (i.e., 10,000 should be entered as 10).)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Provide iand Create nformation needed to create a Statement of Cash Flows using the Indirect Method. You MUST include: Net Income At least 3 items that go under operating activities. At least 2 items that go under investing activities. At least 2 items that go under financing activities. And 1 non-cash transaction.
Concord Ltd. had the following 2023 income statement data: Revenues Expenses In 2023. Concord had the following activity in selected accounts: 1/1/23 Revenues $107,000 46,100 $60,900 12/31/23 Accounts Receivable 18,500 107,000 30,360 1,140 94,000 Allowance for Expected Credit Losses 1,230 Write-offs Write-offs 1,140 Collections. 1,420 1,510 1/1/23. Loss on impairment 12/31/23 Prepare Concord's cash flows from operating activities section of the statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a negative sign e.g.-10,000 or in parenthesis eg. (10,000).)
can you help me with the last part of the question Indicate whether the transaction increases (+), decreases (–), or increases and decreases (+/-) each element of the financial statements. Also, in the Statement of Cash Flows column, use the letters OA to designate operating activity, IA for investing activity, FA for financing activity, and leave blank for no effect. The first transaction is recorded as an example. (Not all cells require input.)
fill in the blanks for cash and net income and explain why
State the section(s) of the statement of cash flows prepared by the indirect method (operating activities, investing activities, financing activities, or not reported) and the amount that would be reported for each of the following transactions: Note: Only consider the cash component of each transaction. Use the minus sign to indicate amounts that are cash out flows, cash payments, decreases in cash, or any negative adjustments. If your answer is not reported in an amount box does not require an entry, leave it blank or enter "0". a. Received $120,000 from the sale of land costing $70,000. Investing activities $fill in the blank 2 Operating activities $fill in the blank 4 b. Purchased investments for $75,000. Investing activities $fill in the blank 6 c. Declared $35,000 cash dividends on stock. $5,000 dividends were payable at the beginning of the year, and $6,000 were payable at the end of the year. Financing activities $fill in the blank 8 d. Acquired equipment for…
Suppose your company sells services of $180 in exchange for $110 cash and $70 on account. Required: 1. Prepare the journal entry to record this transaction. 2. Identify the amount that should be reported as net cash flow from operating activities. 3. Identify the amount that would be included in net income. 4. Show how the indirect method would convert net income (requirement 3) to net cash flow from operating activities (requirement 2).
Create a statement of cash flow for the current year using Wright Co's income statement and balance sheet. (Do not round intermediate calculations. Round your answer to 2 decimal places.) Income Statement: Current Year Revenue 4,742.00 Cost of Goods Sold 2,323.58 Gross Margin 2,418.42 SG&A 524.00 EBITDA 1,894.42 Depreciation Expense 504.00 EBIT 1,390.42 Interest Expense 164.20 EBT 1,226 Taxes 429.18 Net Income 797.04 Dividends 410 Addition to Retained Earnings 387.04 Balance Sheet: Assets Prior Year Current Year Cash 800 ???? Accounts Receivables 400 452.00 Inventory 300 358.00 Total Current Assets 1,500 ???? Net Fixed Assets 5,000 5,211.00 Total Asset 6,500 ???? Liabilities and Equity Prior Year Current Year Accounts Payable 300 320.00 Notes Payable 1,000 919.00 Total Current Liabilities 1,300 1,239.00 Long-Term Debt 2,000 2,365.00 Total Liabilities 3,300 ???? Common Stock and Paid-in Capital 2,200 2,200…
Prepare the cash flows for operating activity section of the statement of cash flows using the indirect method. Use the minus sign to indicate cash outflows, a decrease in cash, cash payments, or any negative adjustments.
4. Prepare a statement of cash flows for the month ending July 31, 20Y2. Refer to the lists of Accounts, Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. Use the minus sign to indicate cash outflows, cash payments and decreases in cash. You will not need to enter colons (:) on the financial statements. If an amount is zero, enter "0".
Novak Inc., a retailer of garden tools that follows ASPE, had the following statements prepared as of December 31, 2023: Cash Accounts receivable Inventory Prepaid rent Equipment Accumulated depreciation-equipment Total assets NOVAK Inc. Comparative Statement of Financial Position December 31 Accounts payable Income tax payable Long-term loans payable Common shares Retained earnings Total liabilities and shareholders' equity Sales revenue Cost of goods sold Gross margin Operating expenses Operating income Interest expense Gain on disposal of equipment Income before income tax Net income Income tax expense 1. Additional information: 3. 2023 $71,380 $11.200 57,400 (2,100) 41,800 NOVAK Inc. Income Statement Year Ended December 31, 2023 (33,000) $297,080 5,500 154,000 $50,000 4,200 60,000 126,000 $297,080 56,880 $370,000 197,000 173,000 117,400 55,600 9,100 46,500 22,320 $24,180 2022 $53,900 50,800 74,000 4,100 126,000 (22,100) $286,700 $38,500 6,400 69,500 127,200 45,100 Dividends on…
for Morston, Inc. have assembled the following data for the year icon to view the current accounts.) (Click the icon to view the transaction data.) ston's statement of cash flows using the indirect method. Include an accompanying schedule of non-cash investing and financing activities. .. he statement one section at a time, beginning with the cash flows from operating activities. (Use a m ox empty, do not select a label or enter a zero.) Data table Morston, Inc. Statement of Cash Flows Year Ended December 31, 2024 lows from Operating Activities: come 70,500 stments to Reconcile Net Income to Net Cash vided by (Used for) Operating Activities: Depreciation Expense Gain on Sale of Building Decrease in Accounts Receivable Increase in Merchandise Inventory Incroaco in Accounts Payabla Data table et asi Net Hel O Transaction Data for 2024: Issuance of common stock for cash Depreciation expense Purchase of equipment with cash Acquisition of land by issuing long-term notes payable Book value…