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Category > Business & Finance Posted 02 Jun 2017 My Price 8.00

Condensed financial data of Odgers Inc. follow.

Condensed financial data of Odgers Inc. follow.

ODGERS INC.
Comparative Balance Sheets
December 31

Assets

  

2014

    

2013

  
Cash  

$ 197,152

    

$ 118,096

  
Accounts receivable  

214,232

    

92,720

  
Inventory  

274,500

    

250,954

  
Prepaid expenses  

69,296

    

63,440

  
Long-term investments  

336,720

    

265,960

  
Plant assets  

695,400

    

591,700

  
Accumulated depreciation  

(122,000

)

  

(126,880

)
Total  

$1,665,300

    

$1,255,990

  
             

Liabilities and StockholdersA????1 Equity

            
Accounts payable  

$ 248,880

    

$ 164,212

  
Accrued expenses payable  

40,260

    

51,240

  
Bonds payable  

268,400

    

356,240

  
Common stock  

536,800

    

427,000

  
Retained earnings  

570,960

    

257,298

  
Total  

$1,665,300

    

$1,255,990

  

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

$947,842
Less:        
     Cost of goods sold  

$330,522

    
     Operating expenses, excluding depreciation  

30,280

    
     Depreciation expense  

113,460

    
     Income tax expense  

66,563

    
     Interest expense  

11,541

    
     Loss on disposal of plant assets  

18,300

  

570,666
Net income      

$ 377,176


Additional information:

1.   New plant assets costing $244,000 were purchased for cash during the year.
2.   Old plant assets having an original cost of $140,300 and accumulated depreciation of $118,340 were sold for $3,660 cash.
3.   Bonds payable matured and were paid off at face value for cash.
4.   A cash dividend of $63,514 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).)

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Status NEW Posted 02 Jun 2017 03:06 AM My Price 8.00

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