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Can anyone help me with this. I'm behind in studies and I still have final to take today? Problem 12-10A Condensed financial data of Odgers
Can anyone help me with this. I'm behind in studies and I still have final to take today?
Problem 12-10A Condensed financial data of Odgers Inc. follow. ODGERS INC. Comparative Balance Sheets December 31 Assets 2014 Cash 2013 $ 172,912 $ 103,576 Accounts receivable 187,892 81,320 Inventory 240,750 220,099 Prepaid expenses Long-term investments Plant assets Accumulated depreciation Total 60,776 55,640 295,320 233,260 609,900 518,950 (107,000 ) (111,280 ) $1,460,550 $1,101,565 $ 218,280 $ 144,022 35,310 44,940 Bonds payable 235,400 312,440 Common stock 470,800 374,500 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Retained earnings Total 500,760 225,663 $1,460,550 $1,101,565 ODGERS INC. Income Statement Data For the Year Ended December 31, 2014 Sales revenue $831,304 Less: Cost of goods sold $289,884 Operating expenses, excluding depreciation 26,557 Depreciation expense 99,510 Income taxes 58,379 Interest expense 10,122 Loss on disposal of plant assets 16,050 Net income 500,502 $ 330,802 Additional information: 1. New plant assets costing $214,000 were purchased for cash during the year. Old plant assets having an original cost of $123,050 and accumulated depreciation of 2. $103,790 were sold for $3,210 cash. 3. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of $55,705 was declared and paid during the year. Further analysis reveals that accounts payable pertain to merchandise creditors. Prepare a statement of cash flows for Odgers Inc. using the direct 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 $ Cash Receipts from Customers Less : Cash Payments $ To Suppliers For Income Taxes For Operating Expenses For Interest Net Cash Provided by Operating Activities Cash Flow s from Investing Activities Sale of Plant Assets Purchase of Plant Assets Purchase of Investments Net Cash used by Investing Activities Cash Flow s from Financing Activities Sale of Common Stock Payment of Cash Dividends Redemption of Bonds Net Cash used by Financing Activities Net Increase in Cash Cash at Beginning of Period $ Cash at End of PeriodStep by Step Solution
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