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.AssetsCashAccounts receivableLess: Allowance for uncollectible accountsDividends receivableInventoryLong-term investmentLandBuildings and equipmentLess: Accumulated depreciationLiabilitiesAccounts payableSalaries payableInterest payableDUX COMPANYComparative Balance SheetsDecember 31, 2024 and 2023($ in thousands)Income tax payableNotes payableBonds payableLess: Discount on bondsShareholders' EquityCommon stockPaid-in capital-excess of parRetained earningsLess: Treasury stock2024$7853(6)3654070277(45)$ 535$3449320110(3)21024132(8)$ 5352023$ 3365(5)2603650280(70)$ 451$ 56Ramon O936085(4)2002076$ 451 RevenuesSales revenueDividend revenueExpensesFor the Year Ended December 31, 2024($ in thousands)DUX COMPANYIncome StatementCost of goods soldSalaries expenseDepreciation expenseBad debt expenseInterest expenseLoss on sale of buildingIncome tax expenseNet income$ 3303185245110324$333252$ 81Additional 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 $4,000 as a long-term investment.c. Property was acquired by issuing a 14%, seven-year, $20,000 note payable to the seller.d. New equipment was purchased for $37,000 cash.e. On January 1, 2024, 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 $11,000 were paid to shareholders.h. On November 12, 1,000 shares of common stock were repurchased as treasury stock at a cost of $8,000.Required:Prepare the statement of cash flows of Dux Company for the year ended December 31, 2024. Present cash flows from operatingactivities by the direct method.Note: 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.

Preparing a cash flow statement under the direct method requires computation for determining the…

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 DUX COMPANY Comparative Balance Sheets December 31, 2024 and 2023 ($ in thousands) Less: Discount on bonds Shareholders' Equity Common stock Paid-in capital-excess of par Retained earnings Less: Treasury stock 2024 $78 53 (6) 3 65 40 70 277 (45) $ 535 $34 4 9 3 20 110 (3) 210 24 132 (8) $ 535 2023 $ 33 65 (5) 2 60 36 50 280 (70) $ 451 $ 56 9 3 6 0 85 (4) 200 20 76 0 $ 451

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 DUX COMPANY Comparative Balance Sheets December 31, 2024 and 2023 ($ in thousands) Less: Discount on bonds Shareholders' Equity Common stock Paid-in capital-excess of par Retained earnings Less: Treasury stock 2024 $78 53 (6) 3 65 40 70 277 (45) $ 535 $34 4 9 3 20 110 (3) 210 24 132 (8) $ 535 2023 $ 33 65 (5) 2 60 36 50 280 (70) $ 451 $ 56 9 3 6 0 85 (4) 200 20 76 0 $ 451

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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