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 capital—excess 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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