DUX COMPANY Comparative Balance Sheets December 31, 2018 and 2017 (s in 000s) 20
ID: 2535875 • Letter: D
Question
DUX COMPANY Comparative Balance Sheets December 31, 2018 and 2017 (s in 000s) 2018 2017 AssetS Cash Accounts receivable $ 55 27 56 41 Less: Allowance for uncollectible accounts Dividends receivable Inventory Long-term investment Land Buildings and equipment 95 27 95 194 90 220 60 Less: Accumulated depreciation $476 435 Liabilities Accounts payable Salaries payable Interest payable Income tax payable Notes payable Bonds payable $ 76 83 10 10 7 20 80 Less: Discount on bonds Shareholders' Equity Common stock Paid-in capital-excess of par Retained earnings 210 200 20 58 (11) e $476 435 56 Less: Treasury stock (at cost) DUX COMPANY Income Statement For the Year Ended December 31, 2018 ($ in 000s) Revenues $ 270 Sales revenue Dividend revenue 6 ?276 Expenses $ 160 39 10 Cost of goods sold Salaries expense Depreciation expense Bad debt expense Interest expense Loss on sale of building Income tax expense 8 4 $ 30 252 $ 24 Net incomeExplanation / Answer
**collection from customer =beginning receivable + sales -ending receivable
56+270-41=285
**payment to supplier =cost of goods sold+ ending inventory -beginning inventory + beginningpayable -ending payable
160+95-9+83-76
172
Cash Beginning balance 27 operating activities collection from customers 285 172 payment to supplier 42 salary paid [10salary payable+39salary expense-7ending salary payable] 3 Interest paid [5+8-10] 32 Income tax paid [7+30-5] Investing activity Dividend received [5beginning dividend receivable+6 dividend revenue-6 ending] 5 22 equipment purchased sale of building 8 3 purchase of long term investment [27-24] Financing activities Bond issued 25 11 dividend paid 11 Treasury stock Ending balance 55Related Questions
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