UX COMPANY Comparative Balance Sheets December 31, 2018 and 2017 ($ in 000s) 2018, 2017 Assets...

UX COMPANY
Comparative Balance Sheets
December 31, 2018 and 2017
($ in 000s)

2018, 2017

Assets :(Cash $67.... $37) (Accounts receivable $61.....$81) (Less: Allowance for uncollectible accounts:$(6)....$(5) )(Dividends receivable $4.....$3) (Inventory $89...$67 ) (Long-term investment $49...$27 ) (Land $143....$73 ) (Buildings and equipment $208...$284 )(Less: Accumulated depreciation $(42)....$(84) totals $573 ....$483

Liabilities : (Accounts payable $30....$54 ) (Salaries payable $4 ...$10 ) (Interest payable $6 ....$4 ) (Income tax payable $24.... $30 ) (Notes payable $70 ... 0 ) (Bonds payable $129....$87 ) (Less: Discount on bonds $(19)...$(37)

Shareholders' Equity: (Common stock $227....$217 ) (Paid-in capital—excess of par $38...$37 ) (Retained earnings $84....$81 ) (Less: Treasury stock $(20)...0 ) ( totals $573....$483 )

DUX COMPANY Income Statement For Year Ended December 31, 2018 ($ in 000s)
Revenues
Sales revenue	$	360
Dividend revenue		9	$	369
Expenses
Cost of goods sold		137
Salaries expense		42
Depreciation expense		39
Bad debt expense		1
Interest expense		25
Loss on sale of building		3
Income tax expense		34		281
Net income			$	88

Additional information from the accounting records:

1. A building that originally cost $108,000, and which was three-fourths depreciated, was sold for $24,000. 2. The common stock of Byrd Corporation was purchased for $22,000 as a long-term investment. 3. Property was acquired by issuing a 15%, seven-year, $70,000 note payable to the seller. 4. New equipment was purchased for $32,000 cash. 5. On January 1, 2018, bonds were sold at their $42,000 face value.6. On January 19, Dux issued a 3% stock dividend (1,000 shares). The market price of the $10 par value common stock was $11 per share at that time. 7. Cash dividends of $74,000 were paid to shareholders. 8. On November 40,000 shares of common stock were repurchased as treasury stock at a cost of $20,000.

Required:
Prepare the statement of cash flows for Dux Company using the indirect method. (Do not round intermediate calculations. 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).))

Expert Solution



UX COMPANY
Statement of Cash Flows
For the Years Ending December 31, 2018
($ in 000s)

Cash Flows from Operating Activities
Net Income		$88
Add Expenses Not Requiring Cash:
Depreciation		39
Bad Debt Expense		1
Discount on bonds (Note 1)		18
Other Adjustments:
Add Tax Expense*		34
Add Decrease in Accounts Receivables		20
Add Loss on sale of building		3
Add Increase in interest payable		2
Subtract Increase in Accounts Receivable
Subtract Dividend Revenue		(9)
Subtract Increase in Inventory		(22)
Subtract Reduction in Accounts Payable		(24)
Subtract Reduction in Salaries Payable		(6)

Subtract Payment of Taxes**		(40)

Net Cash Generated by Operating Activities		$104

Cash Flows from Investing Activities
Sale of Building		24
Purchase of shares of Byrd Corporation		(22)
Dividend Received***		8
Purchase of New equipment		(32)

Net Cash Used by Investing Activities		-$22

Cash Flows from Financing Activities
Repurchase of treasury stock		-$20
Issue of Bonds		42
Payment of Dividend		(74)

Net Cash used by Financing Activities		-$52

NET INCREASE/(DECREASE) IN CASH		$30
CASH, BEGINNING OF YEAR		37
CASH, END OF YEAR		$67

Note 1
Discount on bonds amortisation is shown as interest expense. As amortisation does not require
any cash outflow, so it is added back.

Note 2
Shares issued by stock dividend does not affect cash flow statement, as it does not require
cash outflow.




* As payment of taxes is separately considered, tax expense is added back.

*** Opening balance of Tax payable	30
Add: Tax expense	34
Less: Closing balance of tax payable	(24)

Tax paid	40


*** Opening balance of dividend receivable	3
Add: Dividend Revenue	9
Less: Closing balance of dividend receivable	(4)

Dividend received	8

ekkarill92 answered 2 years ago

The comparative balance sheets for Rothlisberger Company as of December 31 are presented below. Assets 2017...

The comparative balance sheets for Rothlisberger Company as of December 31 are presented below. Assets 2017 2016 Cash $58,200 $46,000 Accounts Receivable $41,100 $63,400 Inventory $148,900 $145,600 Prepaid Expenses $15,000 $27,600 Land $101,900 $133,300 Buildings $200,200 $200,200 Accumulated Depreciation - Buildings $60,300 $33,600 Equipment $228,500 $155,400 Accumulated Depreciation - Equipment $42,600 $36,300 Total $690,900 $701,600 LIABIITIES AND STOCKHOLDERS EQUITY Accounts Payable $46,000 $39,700 Bonds Payable $260,000 $293,600 Common stock, $1 Par $193,600 $208,300 Retained Earnings $191,300 $208,300 Total $690,900 $701,600...

Here are comparative balance sheets for Velo Company. Velo Company Comparative Balance Sheets December 31 Assets...

Here are comparative balance sheets for Velo Company. Velo Company Comparative Balance Sheets December 31 Assets 2020 2019 Cash $73,400 $33,100 Accounts receivable 85,800 71,200 Inventory 170,200 187,000 Land 72,800 101,000 Equipment 260,600 200,800 Accumulated depreciation—equipment (66,100 ) (33,900 ) Total $596,700 $559,200 Liabilities and Stockholders’ Equity Accounts payable $35,000 $47,500 Bonds payable 151,400 203,400 Common stock ($1 par) 217,600 174,100 Retained earnings 192,700 134,200 Total $596,700 $559,200 Additional information: 1. Net income for 2020 was $103,600. 2. Cash dividends...

Here are comparative balance sheets for Velo Company. VELO COMPANY Comparative Balance Sheets December 31 Assets...

Here are comparative balance sheets for Velo Company. VELO COMPANY Comparative Balance Sheets December 31 Assets 2017 2016 Cash $ 72,800 $ 33,300 Accounts receivable 86,400 71,300 Inventory 170,200 186,700 Land 72,800 101,600 Equipment 260,000 200,000 Accumulated depreciation—equipment (66,500 ) (33,800 ) Total $595,700 $559,100 Liabilities and Stockholders’ Equity Accounts payable $ 35,000 $ 47,200 Bonds payable 150,800 203,600 Common stock ($1 par) 215,200 173,000 Retained earnings 194,700 135,300 Total $595,700 $559,100 Additional information: 1. Net income for 2017 was...

Below are comparative balance sheets for Tigger Inc. at December 31, 2018 and 2017: 12/31/2018 12/31/2017...

Below are comparative balance sheets for Tigger Inc. at December 31, 2018 and 2017: 12/31/2018 12/31/2017 Cash $ 21,900 $ 10,000 Accounts receivables (net) 50,000 45,000 Inventory 64,000 70,000 Land 0 32,000 Plant assets 580,000 560,000 Accumulated depreciation (103,000) (100,000) $612,900 $617,000 Accounts payable $ 90,000 $ 93,000 Salaries payable 8,000 4,000 Dividends payable 1,700 2,300 Payable for general & admin expenses 18,000 10,000 Income tax payable 9,050 ...

Reynolds Corporation's comparative balance sheets are presented below. Reynolds CORPORATION Balance Sheets December 31 2018 2017...

Reynolds Corporation's comparative balance sheets are presented below. Reynolds CORPORATION Balance Sheets December 31 2018 2017 Cash $ 10,000 $ 9,000 Accounts receivable 35,000 30,000 Inventory 25,500 20,000 Land 15,000 15,000 Building 90,000 90,000 Accumulated depreciation (27,000) (25,000) Total $148,500 $139,000 Accounts payable $ 50,000 $ 45,000 Common stock 65,000 60,000 Retained earnings 33,500 34,000 Total $148,500 $139,000 Reynolds' 2018 income statement included net credit sales of $200,000, cost of goods sold of $120,000, and net income of...

Condensed financial data of Ivanhoe Company follow. Ivanhoe Company Comparative Balance Sheets December 31 Assets 2017...

Condensed financial data of Ivanhoe Company follow. Ivanhoe Company Comparative Balance Sheets December 31 Assets 2017 2016 Cash $ 92,920 $ 55,660 Accounts receivable 100,970 43,700 Inventory 129,375 118,278 Prepaid expenses 32,660 29,900 Long-term investments 158,700 125,350 Plant assets 327,750 278,875 Accumulated depreciation (57,500 ) (59,800 ) Total $784,875 $591,963 Liabilities and Stockholders’ Equity Accounts payable $ 117,300 $ 77,395 Accrued expenses payable 18,975 24,150 Bonds payable 126,500 167,900 Common stock 253,000 201,250 Retained earnings 269,100 121,268 Total $784,875 $591,963...

CRUZ, INC. Comparative Balance Sheets December 31, 2017 2017 2016 Assets Cash $ 94,800 $ 24,000...

CRUZ, INC. Comparative Balance Sheets December 31, 2017 2017 2016 Assets Cash $ 94,800 $ 24,000 Accounts receivable, net 41,000 51,000 Inventory 85,800 95,800 Prepaid expenses 5,400 4,200 Total current assets 227,000 175,000 Furniture 109,000 119,000 Accum. depreciation—Furniture (17,000 ) (9,000 ) Total assets $ 319,000 $ 285,000 Liabilities and Equity Accounts payable $ 15,000 $ 21,000 Wages payable 9,000 5,000 Income taxes payable 1,400 2,600 Total current liabilities 25,400 28,600 Notes payable (long-term) 29,000 69,000 Total liabilities 54,400 97,600...

Eastern Travel Services, Inc. Comparative Balance Sheets December 31, 2017 and 2016 Assets 2017 2016 Current...

Eastern Travel Services, Inc. Comparative Balance Sheets December 31, 2017 and 2016 Assets 2017 2016 Current assets: Cash $45,000 $20,000 Accounts receivable 77,000 81,000 Inventory 60,000 19,000 Prepaid insurance 13,000 17,000 Total current assets $195,000 $137,000 Land $105,000 $120,000 Equipment 84,000 53,000 Less: Accumulated depreciation (21,000) (16,000) Total assets $363,000 $294,000 Liabilities Current liabilities: Accounts payable $29,000 $38,000 Wages payable 28,000 22,000 Interest payable 17,000 16,000 Income taxes payable 13,000 10,000 Total current liabilities $87,000 $86,000 Notes payable (long-term) 93,000...

Shown below are comparative balance sheets for Schmitt Company. SCHMITT COMPANY Comparative Balance Sheets December 31...

Shown below are comparative balance sheets for Schmitt Company. SCHMITT COMPANY Comparative Balance Sheets December 31 Assets 2014 2013 Cash $ 72,080 $ 23,320 Accounts receivable 93,280 80,560 Inventory 177,020 200,340 Land 84,800 106,000 Equipment 275,600 212,000 Accumulated depreciation—equipment (69,960 ) (33,920 ) Total $632,820 $588,300 Liabilities and Stockholders’ Equity Accounts payable $ 41,340 $ 45,580 Bonds payable 159,000 212,000 Common stock ($1 par) 228,960 184,440 Retained earnings 203,520 146,280 Total $632,820 $588,300 Additional information: 1. Net income for 2014...

Shown are the comparative balance sheets of Dang Corporation for December 31, 2019 and 2018: December...

Shown are the comparative balance sheets of Dang Corporation for December 31, 2019 and 2018: December 31 2019 2018 Cash and cash equivalents .................................. $ 350,000 $ 320,000 Accounts receivable ............................................. 327,600 356,000 Inventories ........................................................... 822,000 780,000 Available-for-sale securities ................................ 0 200,000 Equipment ........................................................... 2,400,000 2,040,000 Accumulated depreciation ................................... (700,000) (760,000) $3,199,600 $2,936,000 Accounts payable ............................................... $ 459,000 $ 381,000 Bonds payable, due 2019 ................................... 0 400,000 Common stock, $20 par ...................................... 1,800,000 1,600,000 Paid-in capital in excess of par ........................... 280,000 200,000 Retained...

Question