Revenues DUX COMPANY Income Statement For the Year Ended December 31, 2024 Sales revenue Dividend revenue Expenses ($ in thousands) $ 230.0 5.0 $ 235.0 Cost of goods sold 124.0 Salaries expense 29.0 Depreciation expense 9.0 Bad debt expense 1.0 Interest expense 12.0 Loss on sale of building 7.0 Income tax expense 20.0 Net income 202.0 $ 33.0 Additional information from the accounting records: a. A building that originally cost $56,000, 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, $32,000 note payable to the seller. d. New equipment was purchased for $21,000 cash. e. On January 1, 2024, bonds were sold at their $27,000 face value. f. On January 19, Dux issued a 5% stock dividend (1,000 shares). The market price of the $10 par valué common stock was $14 per share at that time. g. Cash dividends of $15,000 were paid to shareholders. h. On November 12, 12,500 shares of common stock were repurchased as treasury stock at a cost of $8,000. Required: Prepare the statement of cash flows for Dux Company using the indirect method. Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands (i.e., 10,000 should be entered as 10). > Answer is not complete. DUX COMPANY Statement of Cash Flows For year ended December 31, 2024 ($ in 000s) Cash flows from operating activities: Net income Adjustments for noncash effects: Decrease in accounts payable Decrease in accounts receivable Changes in operating assets and liabilities: Decrease in accounts receivable Decrease in accounts payable X DO $ 33 >
Revenues DUX COMPANY Income Statement For the Year Ended December 31, 2024 Sales revenue Dividend revenue Expenses ($ in thousands) $ 230.0 5.0 $ 235.0 Cost of goods sold 124.0 Salaries expense 29.0 Depreciation expense 9.0 Bad debt expense 1.0 Interest expense 12.0 Loss on sale of building 7.0 Income tax expense 20.0 Net income 202.0 $ 33.0 Additional information from the accounting records: a. A building that originally cost $56,000, 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, $32,000 note payable to the seller. d. New equipment was purchased for $21,000 cash. e. On January 1, 2024, bonds were sold at their $27,000 face value. f. On January 19, Dux issued a 5% stock dividend (1,000 shares). The market price of the $10 par valué common stock was $14 per share at that time. g. Cash dividends of $15,000 were paid to shareholders. h. On November 12, 12,500 shares of common stock were repurchased as treasury stock at a cost of $8,000. Required: Prepare the statement of cash flows for Dux Company using the indirect method. Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands (i.e., 10,000 should be entered as 10). > Answer is not complete. DUX COMPANY Statement of Cash Flows For year ended December 31, 2024 ($ in 000s) Cash flows from operating activities: Net income Adjustments for noncash effects: Decrease in accounts payable Decrease in accounts receivable Changes in operating assets and liabilities: Decrease in accounts receivable Decrease in accounts payable X DO $ 33 >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
please step by step solution.
please excel form answer.
Transcribed Image Text:Revenues
DUX COMPANY
Income Statement
For the Year Ended December 31, 2024
Sales revenue
Dividend revenue
Expenses
($ in thousands)
$ 230.0
5.0
$ 235.0
Cost of goods sold
124.0
Salaries expense
29.0
Depreciation expense
9.0
Bad debt expense
1.0
Interest expense
12.0
Loss on sale of building
7.0
Income tax expense
20.0
Net income
202.0
$ 33.0
Additional information from the accounting records:
a. A building that originally cost $56,000, 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, $32,000 note payable to the seller.
d. New equipment was purchased for $21,000 cash.
e. On January 1, 2024, bonds were sold at their $27,000 face value.
f. On January 19, Dux issued a 5% stock dividend (1,000 shares). The market price of the $10 par valué common stock was $14 per
share at that time.
g. Cash dividends of $15,000 were paid to shareholders.
h. On November 12, 12,500 shares of common stock were repurchased as treasury stock at a cost of $8,000.
Required:
Prepare the statement of cash flows for Dux Company using the indirect method.
Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands (i.e., 10,000 should be
entered as 10).
> Answer is not complete.
DUX COMPANY
Statement of Cash Flows
For year ended December 31, 2024 ($ in 000s)
Cash flows from operating activities:
Net income
Adjustments for noncash effects:
Decrease in accounts payable
Decrease in accounts receivable
Changes in operating assets and liabilities:
Decrease in accounts receivable
Decrease in accounts payable
X
DO
$
33
>
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