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ACC - Wiley plus -Week 7 Chapter 12 Problem 12?9A

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Question;Problem 12?9ACondensed financial data of Odgers Inc. follow.Assets2014Cash$ 101,0002013$ 60,500Accounts receivable109,75047,500Inventory140,625128,563Prepaid expenses35,50032,500Long?term investments172,500136,250Plant assets356,250303,125Accumulated depreciation(62,500)Total(65,000)$853,125$643,438$ 127,500$ 84,125Liabilities andStockholders? EquityAccounts payableAccrued expenses payable20,62526,250Bonds payable137,500182,500Common stock275,000218,750Retained earnings292,500131,813$853,125$643,438TotalODGERS INC.Income Statement DataFor the Year Ended December 31, 2014Sales revenue$485,575Less:Cost of goods sold$169,325Operating expenses,excluding depreciation15,513Depreciation expense58,125Income tax expense34,100Interest expense5,913Loss on disposal of plantassets9,375Net income292,351$ 193,224

 

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