Question
Answered

The comparative balance sheets for 2016 and 2015 and the statement...

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 $ 59    $ 33   
  Accounts receivable   57      73   
  Dividends receivable   6       4   
  Inventory   81      63   
  Long-term investment   41      23   
  Land   125      65   
  Buildings and equipment   212      276   
      Less: Accumulated depreciation   (38)     (76)  
 
  $ 543    $ 461   
 
  Liabilities        
  Accounts payable $ 26    $ 46   
  Salaries payable   6      8   
  Interest payable   8      6   
  Income tax payable   20      24   
  Notes payable   60      0   
  Bonds payable   121      83   
      Less: Discount on bonds   (15)     (29)  
  Shareholders' Equity        
  Common stock   223      213   
  Paid-in capital—excess of par   34      33   
  Retained earnings   81      77   
      Less: Treasury stock   (21)     0   
 
  $ 543    $ 461   
 

 

DUX COMPANY
Income Statement
For Year Ended December 31, 2016
($ in 000s)
  Revenues        
     Sales revenue $ 320       
     Dividend revenue   8    $ 328   
       
  Expenses        
     Cost of goods sold   133       
     Salaries expense   38       
     Depreciation expense   31       
     Interest expense   21       
     Loss on sale of building   9       
     Income tax expense   30      262   
     
  Net income     $ 66   
       

 

Additional information from the accounting records:
a. A building that originally cost $92,000, and which was three-fourths depreciated, was sold for $14,000.
b. The common stock of Byrd Corporation was purchased for $18,000 as a long-term investment.
c. Property was acquired by issuing a 15%, seven-year, $60,000 note payable to the seller.
d. New equipment was purchased for $28,000 cash.
e. On January 1, 2016, $38,000 of bonds were sold at 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 $11 per share at that time.

g. Cash dividends of $51,000 were paid to shareholders.
h.

On November 42,000 shares of common stock were repurchased as treasury stock at a cost of $21,000.

 

Required:

Prepare the statement of cash flows for Dux Company using the indirect method.

Answer & Explanation
Verified Solved by verified expert
<p>consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lore</p> Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet

Unlock full access to Course Hero

Explore over 16 million step-by-step answers from our library

Subscribe to view answer
et, consecteur laoreet, consecteur laoreet, consecteoreur laoreet, consecteur laoreet. Nam risus anec facFusce dui lectus, congue velipiscing elit.et, consecteipiscing elit.et, consecteipiscing elit.et, consecteur laoreet. Nam risus anec facFusce dui lectus, congue velipiscing elit.et, consecteipiscing elit.et, consecteipiscing elit.et, consecteipiscing elit.et, consecteipiscing elit.et, consecteur laoreet. Nam risus anec facipiscing elit.ec facipiscing elit.ec facipiscing elit.ec facFusce dui lectus, congue velFusce dui lectus, congue velur laoreia pulvinar tortor nur laoreia pulvinar tortor nur laoreia pulvinar tortor nur laoreia pulvinar tortor nia pulvinar tortor nFusce dui lectus, congue velur laoreia pulvinar tortor nur laoreia pulvinar tortor nur laoreur laoreet, consecteFusce dui lectus, congue velur laoreia pulvinar tortor nur laoreia pulvinar tortor nur laoreur laoreet, consecteFusce dui lectus, congue velur laoreia pulvinar tortor nur laoreia pulvinar tortor nur laoreur laoreet, consecteipiscing elit.et, consecte



ipiscing
, ultrices ac maitur laoreet. Nam risus ante, dapibus a molestie consequat, ultr
lestie consequat, ulte vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem
molestiemolestie consequat, ultrices ac magna. Fusce dui lectus,
itur laoreet. Nam risus ante, dapiat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum v
molestie consequat, ultrices ac m
ec aliquet.rem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pul
entesque dapibus effconsectetur adipiscing elit. Nam lacinia pulvinar tortor
ur laoreet. Nam risus ante, da, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, cons
ipsum dolor sit amet, consectetur adinec facilisis. Pellentesque dapibus efficitur laoreet. Nam risu
itur laoreet. Nam risus ante, dapib
onec aliquet. Lorem ipsum dolor sita molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel
ac, dictum vitae odio. Donea molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel
a molestie coipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesq
amet, consectetur adipiscingiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque da
trices ac magna. Fusce duiultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum
ongue vel laoreet ac, dictum vitaeultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio.
iscing elit. Nam lacinia pulvinar tortora molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet
sque dapibus efficitur laoreet. Nam risus ante, dapibusur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. F
or nec facilisis. Pellentesque dapibus efficitur licitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices a
Fusce dui lectus, congue vel laore
usce dui
a. Fusce dui lectte
usce dui lectus,te
usce dui lef
usce duite
cing elit. Nam lacinia pulvinar tortor n
acinia
a. Fusce dui lecl
at, ultrices act
et, consectetur aacl
lestie consequat, ultrices ac
, ultrices ac max
e vel laoreet ai
ec facilisis. Pelgsu
ec aliquet. Lorem ips
a. Fusce dui leci
at, ultrices aci
et, consectetur atam
sum dolor sit amet,at
Other answer
<p>ctum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, c</p> Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet

Unlock full access to Course Hero

Explore over 16 million step-by-step answers from our library

Subscribe to view answer

sa molea molea mole, consectetua mole, consectetua mole, consectetua mole, consectetua mole, consectetua mole, consectetua mole, consectetu, consectetusm ipsum dolor sitsitur laoree, consectetua mole, consectetua mole, consectetua molem ipsum dolor sitsitur laoree, consectetua mole, consectetua mole, consectetua molem ipsum dolor sitsm ipsum dolor sitsm ipsum dolor sitsm ipsum dolor sits

ipsum dolor

cing

ia pulvinar tortor n

cing

llentesque dapibus e

cing

ipsum dolor sit amet, consectetur adi

cing

rem ipsum

cing
itur laoreet. Nam

g

cing

ur laoreet. Nam risus a

cing
itur laoreet. Nam

,

cing

ia pulvinar

cing
itur laoreet. Nam

,

cing

lestie consequat, ultrices ac magna. Fusce

cing
itur laoreet. Nam

l

cing
Nam

m risus ante, dapibus a molestie

cing
itur laoreet. Nam

l

cing
itur laoreet. Nam

lestie consequat, ultrices ac

cing
itur laoreet. Nam

t

cing
itur laoreet. Nam

cing elit. Nam lacinia pulvinar tortor nec fa

cing
itur laoreet. Nam

x

cing
itur laoreet. Nam

risus ante, dapibus a molesti

cing
itur laoreet. Nam

ce

cing
itur laoreet. Nam

facilisis. Pellentesque dapibus eff

cing
itur laoreet. Nam

ic

cing
itur laoreet. Nam

, ultrices ac magna. Fusce dui le

cing
itur laoreet. Nam

x

cing
itur laoreet. Nam

itur laoreet. Nam risus ante,

cing
itur laoreet. Nam

x

cing
itur laoreet. Nam

t

cing
itur laoreet. Nam

ongue vel laoreet ac, dictum vitae odio. D

cing
itur laoreet. Nam

t

cing
itur laoreet. Nam

entesque dapibus efficitur laoreet.

cing
itur laoreet. Nam

ia pulvinar

cing
itur laoreet. Nam

t

cing
itur laoreet. Nam

m risus ante, dapibus a molesti

cing
itur laoreet. Nam

ce

cing
itur laoreet. Nam

pulvinar tortor nec

cing
itur laoreet. Nam

,

cing
itur laoreet. Nam

dictum vitae odio. Donec aliquet. Lorem ipsum

cing
itur laoreet. Nam

ic

cing
itur laoreet. Nam

amet, consectetur adipiscing elit.

cing
itur laoreet. Nam

ia pulvinar tortor nec facili

cing
itur laoreet. Nam

x

cing
itur laoreet. Nam

Donec aliquet. Lo

cing
itur laoreet. Nam

u

cing
itur laoreet. Nam

nec facilisis. Pellente

cing
itur laoreet. Nam

ac

cing
itur laoreet. Nam

ipsum dolor sit amet, consectetur adipiscing

cing
itur laoreet. Nam

x

cing
itur laoreet. Nam

fficitur laoreet. Nam risus ant

cing
itur laoreet. Nam

ic

cing
itur laoreet. Nam

usce dui lectus, congue vel

cing
itur laoreet. Nam

i

cing
itur laoreet. Nam

nec facilisis. Pelle

cing
itur laoreet. Nam

congue vel laoreet ac, dictum vitae od

cing

l

1 Attachment
The cash flow statement is given below.docx
docx