Please help me with these answers, and ignore the answers I've already put in (I have no idea if those are correct).
Problem 12-9A
Condensed financial data of Odgers Inc. follow.
Additional information:
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. 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 | |||||||||||
$ | |||||||||||
$ | |||||||||||
$ | |||||||||||
12 years ago
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