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can I get help solving this problem? I will need supporting calculations for this. Problem 12-10A Your answer is partially correct. Try again. Condensed financial
can I get help solving this problem? I will need supporting calculations for this.
Problem 12-10A Your answer is partially correct. Try again. Condensed financial data of Odgers Inc. follow. ODGERS INC. Comparative Balance Sheets December 31 Assets 2014 Cash 2013 $ 112,312 $ 67,276 Accounts receivable 122,042 52,820 Inventory 156,375 142,962 39,476 36,140 Long-term investments 191,820 151,510 Plant assets 396,150 337,075 Prepaid expenses Accumulated depreciation Total (69,500 ) (72,280 ) $948,675 $715,503 $ 141,780 $ 93,547 22,935 29,190 Bonds payable 152,900 202,940 Common stock 305,800 243,250 Retained earnings 325,260 146,576 $948,675 $715,503 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Total ODGERS INC. Income Statement Data For the Year Ended December 31, 2014 Sales revenue $539,959 Less: Cost of goods sold $188,289 Operating expenses, excluding depreciation 17,250 Depreciation expense 64,635 Income taxes 37,919 Interest expense Loss on disposal of plant assets Net income 6,575 10,425 325,093 $ 214,866 Additional information: 1. New plant assets costing $139,000 were purchased for cash during the year. Old plant assets having an original cost of $79,925 and accumulated depreciation of 2. $67,415 were sold for $2,085 cash. 3. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of $36,182 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 EAT_1342614808 Cash Flow s from Operating Activities EAT_1342614808 $ 539959 Cash Receipts from Customers : EAT_1342615306 Less EAT_1342615321 Cash Payments EAT_1342614808 $ 188289 To Suppliers EAT_1342614808 37919 For Income Taxes EAT_1342614808 17250 For Operating Expenses EAT_1342614808 6575 For Interest 250033 Cash Flow s from Operating Activities 289926 EAT_1342614808 Cash Flow s from Investing Activities EAT_1342614808 10425 Sale of Plant Assets EAT_1342614808 Purchase of Plant Assets 139000 Purchase of Plant Assets EAT_1342614808 191820 Purchase of Investments EAT_1342614808 177267 Net Cash used by Investing Activities Cash Flow s from Investing Activities EAT_1342614808 62550 Sale of Common Stock EAT_1342614808 36182 Payment of Cash Dividends EAT_1342614808 50840 Redemption of Bonds EAT_1342614808 Net Cash used by Financing Activities EAT_1342614808 45036 Net Increase in Cash EAT_1342614808 67276 Cash at Beginning of Period EAT_1342614808 $ 112312 Cash at End of Period Don't show me this message again for the assignment Show Solution Link to Text Question Attempts: 1 of 3 useStep by Step Solution
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