Problem 12-9A_ODGERS INC._statement of cash flows

ODGERS INC.
Comparative Balance Sheets
December 31

Assets

2014

2013

Cash

$ 93,728

$ 56,144

Accounts receivable

101,848

44,080

Inventory

130,500

119,306

Prepaid expenses

32,944

30,160

Long-term investments

160,080

126,440

Plant assets

330,600

281,300

Accumulated depreciation

(58,000

)

(60,320

)

Total

$791,700

$597,110

Liabilities and Stockholders’ Equity

Accounts payable

$ 118,320

$ 78,068

Accrued expenses payable

19,140

24,360

Bonds payable

127,600

169,360

Common stock

255,200

203,000

Retained earnings

271,440

122,322

Total

$791,700

$597,110

ODGERS INC.
Income Statement Data
For the Year Ended December 31, 2014

Sales revenue

$450,614

Less:

     Cost of goods sold

$157,134

     Operating expenses, excluding depreciation

14,396

     Depreciation expense

53,940

     Income tax expense

31,645

     Interest expense

5,487

     Loss on disposal of plant assets

8,700

271,302

Net income

$ 179,312

1.

New plant assets costing $116,000 were purchased for cash during the year.

2.

Old plant assets having an original cost of $66,700 and accumulated depreciation of $56,260 were sold for $1,740 cash.

3.

Bonds payable matured and were paid off at face value for cash.

4.

A cash dividend of $30,194 was declared and paid during the year.