The comparative balance sheets for 2018 and 2017 and the statement of income for 2018 are given below for Dux Company.Additional information from Dux's accounting records is provided also.DUX COMPANYComparative Balance SheetsDecember 31, 2018 and 2017(S in 8ees)20182017Assets$ 2050CashAccounts receivableLess: Allowance for uncollectible accountsDividends receivableInventoryLong-term investmentLandBuildings and equipmentLess: Accumulated depreciation$ 3348(4)(3)25550151e7048250(50)$ 369225(25)$ 420Liabilities$ 132$ 20Accounts payableSalaries payableInterest payableIncome tax payableNotes payableBonds payableLess: Discount on bondsShareholders' Equity427.309578(2)(3)Common stock210200Paid-in capital-excess of parRetained earningsLess: Treasury stock24204547(8)$ 420$ 369DUX COMPANYIncome StatementFor the Year Ended December 31, 2018($ in Bees)Revenues$ 2003 $ 203Sales revenueDividend revenueExpensesCost of goods soldSalaries expenseDepreciation expenseBad debt expense120251Interest expenseLoss on sale of buildingIncome tax expense16178Net income$ 25Additional information from the accounting records:a. A building that originally cost $40,000, and which was three-fourths depreciated, was soid 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, $30.000 note payable to the seller.d. New equipment was purchased for $15,000 cash.e. On January 1, 2018, 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 $13.000 were paid to shareholders.h. On November 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 incirect methodl (Do not round intermediate calculations. Amountsto be deducted should be Indicated with a minus sign. Enter your answers in thousands. L.e., 10,000 should be entered as 10).)DUX COMPANYBiatement of Cash FlowsFor year anded Deoember 31, 201 ( in 000s)Adustments for noncash efectsChanges in cperating assets and labitesCash balanca, January 1Noncash invastng and financing activities

A cash flow statement seems to be a significant tool for managing finances since it tracks a firm's…

The comparative balance sheets for 2018 and 2017 and the statement of income for 2018 are given below for Dux Company. Additional information from Dux's accounting records is provided also. DUX COMPANY Comparative Balance Sheets December 31 2018 and 2617

The comparative balance sheets for 2018 and 2017 and the statement of income for 2018 are given below for Dux Company. Additional information from Dux's accounting records is provided also. DUX COMPANY Comparative Balance Sheets December 31 2018 and 2617

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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