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

See similar textbooks

Similar questions

Please prepare a CashFlow Statement
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.
Mazaya Company has the following information available: Net Income R.O. 37,500; Cash Provided by Operations R.O. 46,500; Cash Sales R.O. 97,500; Capital Expenditures R.O.16,500; Dividends Paid R.O. 4,500. What is Mazaya's free cash flow?
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…
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…
Determining Cash Flows from (Used for) Operating Activities Yeoman Inc. reported the following data: Net income Depreciation expense Loss on disposal of equipment Increase in accounts receivable Increase in accounts payable $417,000 55,500 20,900 24,400 10,100 Prepare the Cash Flows from (used for) Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Yeoman Inc. Statement of Cash Flows (partial)
I need help with this Cash flow. Also explanatuon for the answers. Using the Indirect method
Prepare a complete statement of cash flows using the indirect method for the current year. Note: Amounts to be deducted should be indicated with a minus sign. Golden Corporation's current year income statement, comparative balance sheets, and additional information follow. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. GOLDEN CORPORATION Comparative Balance Sheets December 31 Current Year Prior Year Assets Cash $ 178,000 $ 122,400 Accounts receivable 104,000 85,000 Inventory 622,000 540,000 Total current assets 904,000 747,400 Equipment 372,700 313,000 Accumulated depreciation—Equipment (165,000) (111,000) Total assets $ 1,111,700 $ 949,400 Liabilities and Equity…
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…
Prepare a complete statement of cash flow using the indirect method for current year Thanku
I am needing help with the following question. I have attached a photo below. Jasneet Corporation’s comparative balance sheet for current assists and liabilities was as follows: (See attached photo) Adjust net income of $185,000 for changes in operating assets and liabilities to arrive at net cash flows from operating activities.