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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 $47,636 was declared and paid during the year.;Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).);ODGERS INC.;Statement of Cash Flows;For the Year Ended December 31, 2014;$;Adjustments to reconcile net income to;$

 

Paper#74812 | Written in 18-Jul-2015

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