Dux company-statement of cash flows

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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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Dux company-statement of cash flows

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