Posted: December 16th, 2023

The comparative balance sheets for 2016 and 2015 and the statement of income for 2016

The comparative balance sheets for 2016 and 2015and the statement of income for 2016 are given belowfor Dux Company. Additional information from Dux'saccounting records is provided also.DUX COMPANYComparative BalanceSheetsDecember 31, 2016 and 2015($ in 000s)2016 2015AssetsCash$ 33$ 20444732Inventory5550Long-term investment1510Land7040Buildings and equipment225250 Less: Accumulated depreciation(25)(50)$420$369Accounts receivableDividends receivableLiabilities2016 2015Accounts payable$ 13$ 20Salaries payable25Interest payable42Income tax payable78Notes payable300Bonds payable9570 Less: Discount on bonds(2)(3)210200Paid-in capital—excess of par2420Retained earnings4547 Less: Treasury stock(8)0$420$369Shareholders' EquityCommon stockDUX COMPANYIncome StatementFor the YearEnded December 31, 2016($ in 000s)Revenues Sales revenue20162015$200 Dividend revenue3$203Expenses Cost of goods sold Salaries expense5 Interest expense8 Loss on sale of building3Net income25 Depreciation expense Income tax expense12017178$ 25Additional information from the accounting records:A building that originally cost $40,000, and which was three-fourthsdepreciated, was sold for $7,000.The common stock of Byrd Corporation was purchased for $5,000 as a longterm investment.Property was acquired by issuing a 13%, seven-year, $30,000 note payable tothe 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 marketprice 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 treasurystock at a cost of $8,000.Required:Prepare the statement of cash flows of Dux Company for the year endedDecember 31, 2016. Present cash flows from operating activities by the directmethod. (You may omit the schedule to reconcile net income to cash flows fromoperating activities.)

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