Required information[The following information applies to the questions displayed below.]The comparative balance sheets for 2021 and 2020 and the statement of income for 2021 are given below for DuxCompany. Additional information from Dux's accounting records is provided also.AssetsCashAccounts receivableLess: Allowance for uncollectible accountsDividends receivableInventoryLong-term investmentLandBuildings and equipmentLess: Accumulated depreciationLiabilitiesAccounts payableSalaries payableInterest payableIncome tax payableNotes payableBonds payableDUX COMPANYComparative Balance SheetsDecember 31, 2021 and 2020($ in thousands)Less: Discount on bondsShareholders' EquityCommon stockPaid-in capital-excess of parRetained earningsLess: Treasury stock$tA$2021$ 1,412LA46580(4)3510395182561(105)4518202362543(18)370120237(8)$ 1,412$GA2020$32482(3)188290$ 1,185120586(114)522118240390(19)3601002390$ 1,185 For the Year Ended December 31, 2021($ in thousands)RevenuesDUX COMPANYIncome StatementSales revenueDividend revenueExpensesCost of goods soldSalaries expenseDepreciation expenseBad debt expenseInterest expenseLoss on sale of buildingIncome tax expenseNet income$ 52035 $555$31241211403$ 48466$ 89Additional information from the accounting records:a. A building that originally cost $40,000, 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, $62,000 note payable to the seller.d. New equipment was purchased for $15,000 cash.e. On January 1, 2021, bonds were sold at their $153,000 face value.f. On January 19, Dux issued a stock dividend (1,000 shares). The market price of the $10 par value common stock was$30 per share at that time.g. Cash dividends of $61,000 were paid to shareholders.h. On November 12, 2,100 shares of common stock were repurchased as treasury stock at a cost of $8,000.Required:Prepare the T-account for Dux Company. (Enter your answers in thousands. (i.e., 10,000 should be entered as 10).)

T-Accounts - After recording transactions in the journal next step is to transfer them into ledgers.…

Required information [The following information applies to the questions displayed below.] 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. 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 Income tax payable Notes payable Bonds payable DUX COMPANY Comparative Balance Sheets December 31, 2021 and 2020 ($ in thousands) Less: Discount on bonds Shareholders' Equity Common stock Paid-in capital-excess of par Retained earnings Less: Treasury stock 2021 $ 465 $ 80 (4) 35 103 95 182 561 (105) $ 1,412 45 18 20 23 62 543 (18) 370 120 237 324 82 (3) 18 82 90 120 586 (114) $ 1,185 2020 $ 52 21 18 24 0 390 (19) 360 100 239 0 (8) $ 1,412 $ 1,185

Required information [The following information applies to the questions displayed below.] 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. 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 Income tax payable Notes payable Bonds payable DUX COMPANY Comparative Balance Sheets December 31, 2021 and 2020 ($ in thousands) Less: Discount on bonds Shareholders' Equity Common stock Paid-in capital-excess of par Retained earnings Less: Treasury stock 2021 $ 465 $ 80 (4) 35 103 95 182 561 (105) $ 1,412 45 18 20 23 62 543 (18) 370 120 237 324 82 (3) 18 82 90 120 586 (114) $ 1,185 2020 $ 52 21 18 24 0 390 (19) 360 100 239 0 (8) $ 1,412 $ 1,185

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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