Prepare the statement of cash flows of Dux Company for the year ended December 31, 2021. Present cash flows from operating activities by the direct method. (Do not round your intermediate calculations. Enter your answers in thousands (i.e., 10,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign.) The comparative balance sheets for 2021 and 2020 and the statement of income for 2021 are given below for Dux Company.Additional information from Dux's accounting records is provided also.DUX COMPANYComparative Balance SheetsDecember 31, 2021 and 2020($ in thousands)20212020AssetsCash$ 65$ 22Accounts receivable3352Less: Allowance for uncollectible accounts(4)(3)Dividends receivableInventoryLong-term investment5445401814Land6550Buildings and equipmentLess: Accumulated depreciation259270(54)(70)$ 432$ 379LiabilitiesAccounts payableSalaries payableInterest payableIncome tax payableNotes payableBonds payableLess: Discount on bonds$ 21$ 23257471510580(2)(3)Shareholders' EquityCommon stock210200Paid-in capital-excess of parRetained earnings24205043(6)$ 432Less: Treasury stock$ 379DUX COMPANYIncome StatementFor the Year Ended December 31, 2021($ in thousands)Revenues$ 2205 $ 225Sales revenueDividend revenueExpensesCost of goods soldSalaries expenseDepreciation expenseBad debt expenseInterest expenseLoss on sale of buildingIncome tax expense1302917314189Net income$ 36 Additional information from the accounting records:a. A building that originally cost $28,000, and which was three-fourths depreciated, was sold for $4,000.b. The common stock of Byrd Corporation was purchased for $4,000 as a long-term investment.c. Property was acquired by issuing a 11%, seven-year, $15,000 note payable to the seller.d. New equipment was purchased for $17,000 cash.e. On January 1, 2021, bonds were sold at their $25,000 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 pershare at that time.g. Cash dividends of $15,000 were paid to shareholders.h. On November 12, 500 shares of common stock were repurchased as treasury stock at a cost of $6,000.Required:Prepare the statement of cash flows of Dux Company for the year ended December 31, 2021. Present cash flows from operatingactivities by the direct method. (Do not round your intermediate calculations. Enter your answers in thousands (i.e., 10,000 shouldbe entered as 10). Amounts to be deducted should be indicated with a minus sign.)DUX COMPANYStatement of Cash FlowsFor the year ended December 31, 2021($ in thousands)Cash flows from operating activities:Cash inflows:Cash outflows:Net cash flows from operating activitiesCash flows from investing activities:Net cash flows from investing activities

Cash flow statement The purpose of preparing the cash flow statement is to know the net cash inflows…

Prepare the statement of cash flows of Dux Company for the year ended December 31, 2021. Present cash flows from operating activities by the direct method. (Do not round your intermediate calculations. Enter your answers in thousands (i.e., 10,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign.)

Prepare the statement of cash flows of Dux Company for the year ended December 31, 2021. Present cash flows from operating activities by the direct method. (Do not round your intermediate calculations. Enter your answers in thousands (i.e., 10,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign.)

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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