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Can someone show the solutions to these please? See attachment Any help is greatly appreciated. Thank you Problem 12-9A Condensed financial data of Odgers Inc.
Can someone show the solutions to these please?
See attachment
Any help is greatly appreciated. Thank you
Problem 12-9A Condensed financial data of Odgers Inc. follow. ODGERS INC. Comparative Balance Sheets December 31 Assets 2014 Cash 2013 $ 107,464 $ 64,372 Accounts receivable 116,774 50,540 Inventory 149,625 136,791 37,772 34,580 Long-term investments 183,540 144,970 Plant assets 379,050 322,525 Prepaid expenses Accumulated depreciation (66,500 ) Total (69,160 ) $907,725 $684,618 $ 135,660 $ 89,509 21,945 27,930 Bonds payable 146,300 194,180 Common stock 292,600 232,750 Retained earnings 311,220 140,249 $907,725 $684,618 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Total ODGERS INC. Income Statement Data For the Year Ended December 31, 2014 Sales revenue $516,652 Less: Cost of goods sold $180,162 Operating expenses, excluding depreciation 16,505 Depreciation expense 61,845 Income tax expense 36,282 Interest expense 6,291 Loss on disposal of plant assets 9,975 Net income 311,060 $ 205,592 Additional information: 1. New plant assets costing $133,000 were purchased for cash during the year. Old plant assets having an original cost of $76,475 and accumulated depreciation of $64,505 were 2. sold for $1,995 cash. 3. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of $34,621 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 205,592 Adjustments to reconcile net income to Net Cash Provided by Operating Activities $ Depreciation Expense 61,845 Increase in Accounts Payable Loss on Disposal of Plant Assets Increase in Accounts Receivable Increase in Inventory Increase in Prepaid Expenses Decrease in Accrued Expenses Payable 46,151 9,975 -66,234 -12,834 -3,192 -5,985 29726 Net Cash Provided by Operating Activities 235,318 Cash Flow s from Investing Activities Sale of Plant Assets Purchase of Plant Assets Purchase of Investments Net Cash used by Investing Activities 1,995 -133,000 -38,570 -169,575 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 59,850 -34,621 -47,880 -22,651 43,092 64,372 $ Cash at End of Period 107,464Step by Step Solution
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