Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can anyone help me with this. Im behind in studeies and I still have final to take today? Problem 12-9A Condensed financial data of Odgers

image text in transcribed

Can anyone help me with this. Im behind in studeies and I still have final to take today?

image text in transcribed Problem 12-9A Condensed financial data of Odgers Inc. follow. ODGERS INC. Comparative Balance Sheets December 31 Assets 2014 Cash 2013 $ 201,192 $ 120,516 Accounts receivable 218,622 94,620 Inventory 280,125 256,097 Prepaid expenses Long-term investments Plant assets Accumulated depreciation Total 70,716 64,740 343,620 271,410 709,650 603,825 (124,500 ) (129,480 ) $1,699,425 $1,281,728 $ 253,980 $ 167,577 41,085 52,290 Bonds payable 273,900 363,540 Common stock 547,800 435,750 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Retained earnings Total 582,660 262,571 $1,699,425 $1,281,728 ODGERS INC. Income Statement Data For the Year Ended December 31, 2014 Sales revenue $967,265 Less: Cost of goods sold Operating expenses, excluding depreciation Depreciation expense $337,295 30,901 115,785 Income tax expense 67,927 Interest expense 11,778 Loss on disposal of plant assets 18,675 Net income 582,361 $ 384,904 Additional information: 1. New plant assets costing $249,000 were purchased for cash during the year. Old plant assets having an original cost of $143,175 and accumulated depreciation of 2. $120,765 were sold for $3,735 cash. 3. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of $64,815 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 Cash Flow s from Operating Activities $ Net Income 384,904 Adjustments to reconcile net income to $ Depreciation Expense 115,785 Loss on Disposal of Plant Assets Increase in Accounts Payable Increase in Accounts Receivable Increase in Inventory Increase in Prepaid Expenses Decrease in Accrued Expenses Payable Cash Flow s from Operating Activities Cash Flow s from Investing Activities Sale of Plant Assets Purchase of Plant Assets 18,675 Purchase of Investments Net Cash used by Investing Activities Cash Flow s from Financing Activities Sale of Common Stock Redemption of Bonds Payment of Cash Dividends Net Cash used by Financing Activities Net Increase in Cash Cash at Beginning of Period $ Cash at End of Period Don't show me this message again for the assignment

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Principles

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

9th Edition

978-0470317549, 9780470387085, 047031754X, 470387084, 978-0470533475

More Books

Students also viewed these Accounting questions

Question

How do you think this problem should be treated?

Answered: 1 week ago

Question

Explain the status of the pre-incorporation contract in Malaysia.

Answered: 1 week ago

Question

3. Im trying to point out what we need to do to make this happen

Answered: 1 week ago

Question

1. I try to create an image of the message

Answered: 1 week ago