The comparative balance sheets for 2024 and 2023 an Additional information from Dux's accounting records is provided also. Assets Cash OUX COMPANY Comparative Balance Sheets, December 31, 2024 and 2023 ($ in thousands) Accounts receivable Less: Allowance for uncollectible accounts Dividends receivable Inventory Long-term Investment Land Buildings and equipment Less: Accumulated depreciation 2024 $135.0 65.0 (6.0) 20.0 72.0 32.0 87.0 157.0 (4.0) $ 558.0 2023 $ 37.0 67.0 (5.0) 19.0 67.0 27.0 40.0 267.0 (135.0) $384.0
The comparative balance sheets for 2024 and 2023 an Additional information from Dux's accounting records is provided also. Assets Cash OUX COMPANY Comparative Balance Sheets, December 31, 2024 and 2023 ($ in thousands) Accounts receivable Less: Allowance for uncollectible accounts Dividends receivable Inventory Long-term Investment Land Buildings and equipment Less: Accumulated depreciation 2024 $135.0 65.0 (6.0) 20.0 72.0 32.0 87.0 157.0 (4.0) $ 558.0 2023 $ 37.0 67.0 (5.0) 19.0 67.0 27.0 40.0 267.0 (135.0) $384.0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
ss
![The comparative balance sheets for 2024 and 2023 and the statement of income for 2024 are given below for Dux Company.
Additional information from Dux's accounting records is provided also
Assets
Cash
Accounts receivable
Less: Allowance for uncollectible accounts
Dividends receivable
Inventory
Long-term investment
Land
Buildings and equipment
Less: Accumulated depreciation
Liabilities
Accounts payable
Salaries payable
Interest payable
Income tax payable
Notes payable
Bonds payable
Less: Discount on bonds
Shareholders Equity
Common stock
Paid in capitel-excess of par
Retained earnings
Less: Treasury stock
Revenues
OUX COMPANY
Comparative Balance Sheets
December 31, 2024 and 2023
($ in thousands)
Sales revenue
Dividend revenue
Expenses
DUX COMPANY
Income Statement
For the Year Ended December 31, 2024
(5 in thousands)
Cost of goods sold
Salaries expense
Depreciation expense
Bad debt expense
Interest expense
Loss on sale of building
Income tax expense
Net income
$455.0
20.0
154.0
59.0
1.0
1.0
42.0
37.0
50.0
$ 475.0
344.0
$131.0
2024
$135.0
65.0
(6.0)
20.0
72.0
32.0
87.0
157.0
(4.0)
$ 558.0
$ 30.0
19.0
21.0
24.0
47.0
90.0
(2.0)
210.0
24.0
103.0
(8.0)
$ 558.0
2023
$ 37.0
67.0
(5.0)
19.0
67.0
27.0
40.0
267.0
(135.0)
$384.0
$37.0
22.0
19.0
25.0
0
48.0
(3.0)
200.0
20.0
16.0
0
$384.0](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff71d4480-52a5-4dbf-b9ef-b4ea97edbeb3%2Fe9c45a9b-ebea-4702-afef-4d8fdccb7dcc%2F1hfdqlg_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The comparative balance sheets for 2024 and 2023 and the statement of income for 2024 are given below for Dux Company.
Additional information from Dux's accounting records is provided also
Assets
Cash
Accounts receivable
Less: Allowance for uncollectible accounts
Dividends receivable
Inventory
Long-term investment
Land
Buildings and equipment
Less: Accumulated depreciation
Liabilities
Accounts payable
Salaries payable
Interest payable
Income tax payable
Notes payable
Bonds payable
Less: Discount on bonds
Shareholders Equity
Common stock
Paid in capitel-excess of par
Retained earnings
Less: Treasury stock
Revenues
OUX COMPANY
Comparative Balance Sheets
December 31, 2024 and 2023
($ in thousands)
Sales revenue
Dividend revenue
Expenses
DUX COMPANY
Income Statement
For the Year Ended December 31, 2024
(5 in thousands)
Cost of goods sold
Salaries expense
Depreciation expense
Bad debt expense
Interest expense
Loss on sale of building
Income tax expense
Net income
$455.0
20.0
154.0
59.0
1.0
1.0
42.0
37.0
50.0
$ 475.0
344.0
$131.0
2024
$135.0
65.0
(6.0)
20.0
72.0
32.0
87.0
157.0
(4.0)
$ 558.0
$ 30.0
19.0
21.0
24.0
47.0
90.0
(2.0)
210.0
24.0
103.0
(8.0)
$ 558.0
2023
$ 37.0
67.0
(5.0)
19.0
67.0
27.0
40.0
267.0
(135.0)
$384.0
$37.0
22.0
19.0
25.0
0
48.0
(3.0)
200.0
20.0
16.0
0
$384.0
![Additional information from the accounting records:
a. A building that originally cost $176,000, 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, $47000 note payable to the seller.
d. New equipment was purchased for $66,000 cash.
e. On January 1, 2024, bonds were sold at their $42,000 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 $30,000 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).
DUX COMPANY
Statement of Cash Flows
For year ended December 31, 2024 (5 in 000s)
Cash flows from operating activities
Net income
Adjustments for noncash effects
Changes in operating assets and liabilities](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff71d4480-52a5-4dbf-b9ef-b4ea97edbeb3%2Fe9c45a9b-ebea-4702-afef-4d8fdccb7dcc%2Fmrutnv_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Additional information from the accounting records:
a. A building that originally cost $176,000, 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, $47000 note payable to the seller.
d. New equipment was purchased for $66,000 cash.
e. On January 1, 2024, bonds were sold at their $42,000 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 $30,000 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).
DUX COMPANY
Statement of Cash Flows
For year ended December 31, 2024 (5 in 000s)
Cash flows from operating activities
Net income
Adjustments for noncash effects
Changes in operating assets and liabilities
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