- \"2.9!: Condensed nancial data of Odgers Inc. follow. ODGERS INC. Comparative Balance Sheets December 31 Assets 3%,. 3.13 Cash $ 80,800 $ 48,400 Accunts receivable 87,800 38,000 Inventory 112,500 102,850 Prepaid expenses 28,400 26,000 Long-term investments 138,000 109,000 Plant assets 285,000 242,500 Accumulated depreciation (50,000) (52,000) Total $682,500 $514,750 Liabilities and Stockholders' Equity Accounts payable $102,000 $ 67,300 Accrued expenses payable 16,500 21,000 Bonds payable 110,000 146,000 Common stock 220,000 175,000 Retained earnings 234,000 105,450 :a Total M m ODGERS INC. Income Statement Data For the Year Ended December 31, 2014 Sales revenue $388,460 -.5_'_{_ Less: Cost of goods sold $135,460 Operating expenses, excluding depreciation 12,410 Depreciation expense 46,500 Income tax expense 27,280 Interest expense 4,730 " Loss on di5posal of plant assets 7,500 233,880 Net income $154,580 Additional information: 1. New plant assets costing $100,000 were purchased for cash during the year. 2. Old plant assets having an original cost of $57,500 and accumulated depreciation of $48,500 were sold for $1,500 cash. 3. Bonds payable matured and were paid off at face value for cash. a; 4. A cash dividend of $26,030 was declared and paid during the year. =__,-_. Instructions E1 Perare a statement of cash ows using the indirect method. ,-.:".r PROBLEM 12-9A ODGERS INC. Statement of Cash Flows For the Year Ended December 31, 2014 Cash flows from operating activities USS US Net income 154,580 Adjustments to reconcile net income Cash flows from investing activities Cash flows from financing activities Net increase in cash 32,400 Cash at beginning of period 48,400 Cash at end of period $ 80.800