The comparative balance sheets for
2016: 2024 – Do my homework – Help write my assignment online and 2015 – Research Paper Writing Help Service and the statement of income for 2016: 2024 – Do my homework – Help write my assignment online are given below for Dux
Company. Additional information from Dux’s accounting records is provided also.
DUX COMPANY
Comparative Balance
Sheets
December 31, 2016: 2024 – Do my homework – Help write my assignment online and
2015 – Research Paper Writing Help Service($ in 000s)
2016: 2024 – Do my homework – Help write my assignment online
2015 – Research Paper Writing Help Service
Assets
Cash
$ 33
$ 20
Accounts receivable
44
47
Dividends receivable
3
2
Inventory
55
50
Long-term investment
15
10
Land
70
40
Buildings and equipment
225
250
?Less: Accumulated depreciation
(25)
(50)
$420
$369
Liabilities
2016: 2024 – Do my homework – Help write my assignment online
2015 – Research Paper Writing Help Service
Accounts payable
$ 13
$ 20
Salaries payable
2
5
Interest payable
4
2
Income tax payable
7
8
Notes payable
30
0
Bonds payable
95
70
?Less: Discount on bonds
(2)
(3)
Shareholders’ Equity
Common stock
210
200
Paid-in capitalâexcess of par
24
20
Retained earnings
45
47
?Less: Treasury stock
(8)
0
$420
$369
DUX
COMPANY
Income
Statement
For
the Year Ended December 31, 2016: 2024 – Do my homework – Help write my assignment online($ in 000s)
Revenues
2016: 2024 – Do my homework – Help write my assignment online
2015 – Research Paper Writing Help Service
?Sales revenue
$200
?Dividend revenue
3
$203
Expenses
?Cost of goods sold
120
?Salaries expense
25
?Depreciation expense
5
?Interest expense
8
?Loss on sale of
building
3
?Income tax expense
17
178
Net income
$ 25
Additional information from the accounting records:
·
A building that originally cost
$40,000, and which was three-fourths depreciated, was sold for $7,000.
·
The common stock of Byrd Corporation
was purchased for $5,000 as a long-term investment.
·
Property was acquired by issuing a
13%, seven-year, $30,000 note payable to the seller.
·
New equipment was purchased for
$15,000 cash.
·
On January 1, 2016: 2024 – Do my homework – Help write my assignment online, bonds were sold
at their $25,000 face value.
·
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.
·
Cash dividends of $13,000 were paid
to shareholders.
·
On November 12, 500 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, 2016: 2024 – Do my homework – Help write my assignment online. Present cash flows from
operating activities by the direct method. (You may omit the schedule to
reconcile net income to cash flows from operating activities.)
