Question

In: Accounting

The comparative balance sheets for 2018 and 2017 and the statement of income for 2018 are...

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 2017
($ in 000s)
2018 2017
Assets
Cash $ 47 $ 27
Accounts receivable 51 61
Less: Allowance for uncollectible accounts (3 ) (2 )
Dividends receivable 5 4
Inventory 69 57
Long-term investment 29 17
Land 96 50
Buildings and equipment 218 264
Less: Accumulated depreciation (32 ) (64 )
$ 480 $ 414
Liabilities
Accounts payable $ 20 $ 34
Salaries payable 5 8
Interest payable 7 6
Income tax payable 14 16
Notes payable 46 0
Bonds payable 109 77
Less: Discount on bonds (9 ) (17 )
Shareholders' Equity
Common stock 217 207
Paid-in capital—excess of par 28 27
Retained earnings 58 56
Less: Treasury stock (15 ) 0
$ 480 $ 414

DUX COMPANY
Income Statement
For Year Ended December 31, 2018
($ in 000s)
Revenues
Sales revenue $ 261
Dividend revenue 6 $ 267
Expenses
Cost of goods sold 127
Salaries expense 32
Depreciation expense 19
Bad debt expense 1
Interest expense 15
Loss on sale of building 3
Income tax expense 24 221
Net income $ 46


Additional information from the accounting records:

A building that originally cost $68,000, and which was three-fourths depreciated, was sold for $14,000.
The common stock of Byrd Corporation was purchased for $12,000 as a long-term investment.
Property was acquired by issuing a 15%, seven-year, $46,000 note payable to the seller.
New equipment was purchased for $22,000 cash.
On January 1, 2018, bonds were sold at their $32,000 face value.
On January 19, Dux issued a 4% stock dividend (1,000 shares). The market price of the $10 par value common stock was $11 per share at that time.
Cash dividends of $33,000 were paid to shareholders.
On November 30,000 shares of common stock were repurchased as treasury stock at a cost of $15,000.


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).))

Solutions

Expert Solution



Related Solutions

The comparative balance sheets for 2018 and 2017 and the statement of income for 2018 are...
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 2017 ($ in 000s) 2018 2017 Assets Cash $ 33 $ 20 Accounts receivable 48 50 Less: Allowance for uncollectible accounts (4 ) (3 ) Dividends receivable 3 2 Inventory 55 50 Long-term investment 15 10 Land 70 40 Buildings and...
The comparative balance sheets for 2018 and 2017 and the statement of income for 2018 are...
The comparative balance sheets for 2018 and 2017 and the statement of income for 2018 are given below for National Intercable Company. Additional information from NIC’s accounting records is provided also. NATIONAL INTERCABLE COMPANY Comparative Balance Sheets December 31, 2018 and 2017 ($ in millions) 2018 2017 Assets Cash $ 106 $ 95 Accounts receivable 280 275 Less: Allowance for uncollectible accounts (8 ) (6 ) Prepaid insurance 4 10 Inventory 262 255 Long-term investment 50 75 Land 180 180...
The comparative balance sheets for 2018 and 2017 and the statement of income for 2018 are...
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 2017 ($ in 000s) 2018 2017 Assets Cash $ 121 $ 40 Accounts receivable 43 71 Less: Allowance for uncollectible accounts (5 ) (4 ) Dividends receivable 4 3 Inventory 100 95 Long-term investment 54 50 Land 95 85 Buildings and...
The comparative balance sheets for 2018 and 2017 and the statement of income for 2018 are...
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 2017 ($ in 000s) 2018 2017 Assets Cash $ 52 $ 31 Accounts receivable 41 78 Less: Allowance for uncollectible accounts (3 ) (2 ) Dividends receivable 4 3 Inventory 100 95 Long-term investment 54 50 Land 95 85 Buildings and...
The comparative balance sheets for 2018 and 2017 and the statement of income for 2018 are...
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 2017 ($ in 000s) 2018 2017 Assets Cash $ 47 $ 27 Accounts receivable 51 61 Less: Allowance for uncollectible accounts (3 ) (2 ) Dividends receivable 5 4 Inventory 69 57 Long-term investment 29 17 Land 96 50 Buildings and...
The comparative balance sheets for 2018 and 2017 and the statement of income for 2018 are...
The comparative balance sheets for 2018 and 2017 and the statement of income for 2018 are given below for Wright Company. Additional information from Wright's accounting records is provided also. WRIGHT COMPANY Comparative Balance Sheets December 31, 2018 and 2017 ($ in 000s) 2018 2017 Assets Cash $ 143 $ 130 Accounts receivable 171 175 Short-term investment 70 30 Inventory 175 170 Land 130 160 Buildings and equipment 800 600 Less: Accumulated depreciation (235 ) (175 ) $ 1,254 1,090...
The comparative balance sheets for 2018 and 2017 and the statement of income for 2018 are...
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 2017 ($ in 000s) 2018 2017 Assets Cash $ 57 $ 32 Accounts receivable 56 71 Less: Allowance for uncollectible accounts (5 ) (4 ) Dividends receivable 5 3 Inventory 79 62 Long-term investment 39 22 Land 123 64 Buildings and...
The comparative balance sheets for 2018 and 2017 and the statement of income for 2018 are...
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 2017 ($ in 000s) 2018 2017 Assets Cash $ 94 $ 31 Accounts receivable 37 61 Less: Allowance for uncollectible accounts (4 ) (3 ) Dividends receivable 5 4 Inventory 55 50 Long-term investment 35 32 Land 50 40 Buildings and...
The comparative balance sheets for 2018 and 2017 and the statement of income for 2018 are...
The comparative balance sheets for 2018 and 2017 and the statement of income for 2018 are given below for Wright Company. Additional information from Wright's accounting records is provided also. WRIGHT COMPANY Comparative Balance Sheets December 31, 2018 and 2017 ($ in 000s) 2018 2017 Assets Cash $ 82 $ 45 Accounts receivable 87 90 Short-term investment 36 14 Inventory 89 85 Land 62 75 Buildings and equipment 540 430 Less: Accumulated depreciation (133 ) (90 ) $ 763 649...
The comparative balance sheets for 2018 and 2017 and the statement of income for 2018 are...
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 2017 ($ in 000s) 2018 2017 Assets Cash $ 51 $ 40 Accounts receivable 64 80 Less: Allowance for uncollectible accounts (6 ) (5 ) Dividends receivable 3 2 Inventory 95 90 Long-term investment 53 48 Land 105 80 Buildings and...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT