help with accounting hw
Condensed financial data of Odgers Inc. follow.
ODGERS INC. Comparative Balance Sheets December 31 | ||||||
Assets | 2014 | 2013 | ||||
| Cash | $ 199,576 | $ 119,548 | ||||
| Accounts receivable | 216,866 | 93,860 | ||||
| Inventory | 277,875 | 254,040 | ||||
| Prepaid expenses | 70,148 | 64,220 | ||||
| Long-term investments | 340,860 | 269,230 | ||||
| Plant assets | 703,950 | 598,975 | ||||
| Accumulated depreciation | (123,500 | ) | (128,440 | ) | ||
| Total | $1,685,775 | $1,271,433 | ||||
Liabilities and Stockholders’ Equity | ||||||
| Accounts payable | $ 251,940 | $ 166,231 | ||||
| Accrued expenses payable | 40,755 | 51,870 | ||||
| Bonds payable | 271,700 | 360,620 | ||||
| Common stock | 543,400 | 432,250 | ||||
| Retained earnings | 577,980 | 260,462 | ||||
| Total | $1,685,775 | $1,271,433 | ||||
ODGERS INC. Income Statement Data For the Year Ended December 31, 2014 | ||||
| Sales revenue | $959,496 | |||
| Less: | ||||
| Cost of goods sold | $334,586 | |||
| Operating expenses, excluding depreciation | 30,653 | |||
| Depreciation expense | 114,855 | |||
| Income tax expense | 67,382 | |||
| Interest expense | 11,683 | |||
| Loss on disposal of plant assets | 18,525 | 577,684 | ||
| Net income | $ 381,812 | |||
Additional information:
| 1. | New plant assets costing $247,000 were purchased for cash during the year. | |
| 2. | Old plant assets having an original cost of $142,025 and accumulated depreciation of $119,795 were sold for $3,705 cash. | |
| 3. | Bonds payable matured and were paid off at face value for cash. | |
| 4. | A cash dividend of $64,294 was declared and paid during the year. |
Prepare a statement of cash flows using the indirect method.
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