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Posted: June 15th, 2022
DUX COMPANY-statement of cash flows
The comparative balance sheets for
2016 and 2015 and the statement of income for 2016 are given below for Dux
Company. Additional information from Dux’s accounting records is provided also.
DUX COMPANY
Comparative Balance
Sheets
December 31, 2016 and
2015($ in 000s)
2016
2015
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
2015
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
$369
DUX
COMPANY
Income
Statement
For
the Year Ended December 31, 2016($ in 000s)
Revenues
2016
2015
?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, 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. 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.)
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