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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 capital-excess of par Retained earnings Less: Treasury stock Revenues DUX COMPANY Comparative Balance Sheets December 31, 2024 and 2023 ($ in thousands) Sales revenue Dividend revenue Expenses For the Year Ended December 31, 2024 ($ in thousands) Cost of goods sold DUX COMPANY Income Statement DUX COMPANY Income Statement. Net income Salaries expense Depreciation expense Bad debt expense Interest expense Loss on sale of building. Income tax expense $ 330 3 185 24 5 1 10 3 24 $333 252 $81 2024 $78 53 (6) 3 65 40 40 70 277 (45) $ 535 $34 4 9 3 20 110 (3) 210 24 132 (8) $ 535 2023 $33 65 (5) 2 60 60 36 50 280 (70) $451 $56 9 3 6 0 85 (4) 200 20 76 0 $ 451 Additional 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 per share 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.

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 capital-excess of par Retained earnings Less: Treasury stock Revenues DUX COMPANY Comparative Balance Sheets December 31, 2024 and 2023 ($ in thousands) Sales revenue Dividend revenue Expenses For the Year Ended December 31, 2024 ($ in thousands) Cost of goods sold DUX COMPANY Income Statement DUX COMPANY Income Statement. Net income Salaries expense Depreciation expense Bad debt expense Interest expense Loss on sale of building. Income tax expense $ 330 3 185 24 5 1 10 3 24 $333 252 $81 2024 $78 53 (6) 3 65 40 40 70 277 (45) $ 535 $34 4 9 3 20 110 (3) 210 24 132 (8) $ 535 2023 $33 65 (5) 2 60 60 36 50 280 (70) $451 $56 9 3 6 0 85 (4) 200 20 76 0 $ 451 Additional 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 per share 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.

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity
Section: Chapter Questions
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DUX COMPANY Statement of Cash Flows For the year ended December 31, 2024 ($ in thousands) Cash flows from operating activities: Cash inflows: Cash outflows: Net cash flows from operating activities Cash flows from investing activities: Net cash flows from investing activities Cash flows from financing activities: Net cash flows from financing activities Net increase (decrease) in cash Cash balance, January 1 Cash balance, December 31 Noncash investing and financing activities:
Transcribed Image Text:DUX COMPANY Statement of Cash Flows For the year ended December 31, 2024 ($ in thousands) Cash flows from operating activities: Cash inflows: Cash outflows: Net cash flows from operating activities Cash flows from investing activities: Net cash flows from investing activities Cash flows from financing activities: Net cash flows from financing activities Net increase (decrease) in cash Cash balance, January 1 Cash balance, December 31 Noncash investing and financing activities:
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 capital-excess of par Retained earnings Less: Treasury stock Revenues DUX COMPANY Comparative Balance Sheets December 31, 2024 and 2023 ($ in thousands) Sales revenue Dividend revenue. Expenses For the Year Ended December 31, 2024 ($ in thousands) Cost of goods sold Salaries expense DUX COMPANY Income Statement DUX COMPANY Income Statement Depreciation expense Bad debt expense Interest expense Net income Loss on sale of building. Income tax expense $ 330 3 185 24 5 1 10 3 24 $333 252 $ 81 2024 $78 53 (6) 3 2 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 $ 451 Additional 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 per share 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 $8,000. Required: Prepare the statement of cash flows of Dux Company for the year ended December 31, 2024. Present cash flows from operating activities by the direct method. Note: Do not round your intermediate calculations. Enter your answers in thousands (i.e., 10,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign.
Transcribed Image Text:The comparative balance sheets for 2024 and 2023 and the statement of income for 2024 are given below for Dux Company. Additional information from Dux's accounting records is provided also. Assets Cash Accounts receivable Less: Allowance for uncollectible accounts Dividends receivable Inventory Long-term investment Land Buildings and equipment Less: Accumulated depreciation Liabilities Accounts payable Salaries payable Interest payable Income tax payable Notes payable Bonds payable Less: Discount on bonds Shareholders' Equity Common stock. Paid-in capital-excess of par Retained earnings Less: Treasury stock Revenues DUX COMPANY Comparative Balance Sheets December 31, 2024 and 2023 ($ in thousands) Sales revenue Dividend revenue. Expenses For the Year Ended December 31, 2024 ($ in thousands) Cost of goods sold Salaries expense DUX COMPANY Income Statement DUX COMPANY Income Statement Depreciation expense Bad debt expense Interest expense Net income Loss on sale of building. Income tax expense $ 330 3 185 24 5 1 10 3 24 $333 252 $ 81 2024 $78 53 (6) 3 2 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 $ 451 Additional 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 per share 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 operating activities 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.
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