Please help me with these answers, and ignore the answers I've already put in (I have no idea if those are correct).

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Problem 12-9A

Condensed financial data of Odgers Inc. follow.

ODGERS INC.
Comparative Balance Sheets
December 31
Assets
 
2014
  
2013
 
Cash 
$ 147,864
  
$ 88,572
 
Accounts receivable 
160,674
  
69,540
 
Inventory 
205,875
  
188,216
 
Prepaid expenses 
51,972
  
47,580
 
Long-term investments 
252,540
  
199,470
 
Plant assets 
521,550
  
443,775
 
Accumulated depreciation 
(91,500
)
 
(95,160
)
Total 
$1,248,975
  
$941,993
 
       
Liabilities and Stockholders’ Equity
      
Accounts payable 
$ 186,660
  
$ 123,159
 
Accrued expenses payable 
30,195
  
38,430
 
Bonds payable 
201,300
  
267,180
 
Common stock 
402,600
  
320,250
 
Retained earnings 
428,220
  
192,974
 
Total 
$1,248,975
  
$941,993
 

ODGERS INC.
Income Statement Data
For the Year Ended December 31, 2014
Sales revenue   
$710,882
Less:    
     Cost of goods sold 
$247,892
  
     Operating expenses, excluding depreciation 
22,710
  
     Depreciation expense 
85,095
  
     Income tax expense 
49,922
  
     Interest expense 
8,656
  
     Loss on disposal of plant assets 
13,725
 
428,000
Net income   
$ 282,882

Additional information:

1. New plant assets costing $183,000 were purchased for cash during the year.
2. Old plant assets having an original cost of $105,225 and accumulated depreciation of $88,755 were sold for $2,745 cash.
3. Bonds payable matured and were paid off at face value for cash.
4. A cash dividend of $47,636 was declared and paid during the year.

Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

ODGERS INC.
Statement of Cash Flows
For the Year Ended December 31, 2014
  
 
$
  
$
 
  
 
  
 
 
 
 
$[removed]
 
    • 12 years ago
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