ODGERS INC. - statement of cash flows using the indirect method

ODGERS INC. - statement of cash flows using the indirect method
ODGERS INC.
Comparative Balance Sheets
Dec-31
Assets		2014			2013
Cash		$ 180,184			$ 107,932
Accounts receivable		1,95,794			84,740
Inventory		2,50,875			2,29,356
Prepaid expenses		63,332			57,980
Long-term investments		3,07,740			2,43,070
Plant assets		6,35,550			5,40,775
Accumulated depreciation		(111,500	)		(115,960	)
Total		$1,521,975			$1,147,893

Liabilities and Stockholders’ Equity
Accounts payable		$ 227,460			$ 150,079
Accrued expenses payable		36,795			46,830
Bonds payable		2,45,300			3,25,580
Common stock		4,90,600			3,90,250
Retained earnings		5,21,820			2,35,154
Total		$1,521,975			$1,147,893



ODGERS INC.
Income Statement Data
For the Year Ended December 31, 2014
Sales revenue				$866,266
Less:
Cost of goods sold		$302,076
Operating expenses, excluding depreciation		27,674
Depreciation expense		1,03,695
Income tax expense		60,834
Interest expense		10,548
Loss on disposal of plant assets		16,725		5,21,552
Net income				$ 344,714


Additional information:

1	New plant assets costing $223,000 were purchased for cash during the year.
2	Old plant assets having an original cost of $128,225 and accumulated depreciation of $108,155 were sold for $3,345 cash.
3	Bonds payable matured and were paid off at face value for cash.
4	A cash dividend of $58,048 was declared and paid during the year.

Prepare a statement of cash flows using the indirect method.

ODGERS INC. - statement of cash flows using the indirect method

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