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i am desperate need of help with my homework. Please help. Assets 2014 Cash 2013 $ 142,208 $ 85,184 Accounts receivable 154,528 66,880 Inventory 198,000
i am desperate need of help with my homework. Please help.
Assets 2014 Cash 2013 $ 142,208 $ 85,184 Accounts receivable 154,528 66,880 Inventory 198,000 181,016 Prepaid expenses 49,984 45,760 Long-term investments 242,880 191,840 Plant assets 501,600 426,800 Accumulated depreciation (88,000 ) (91,520 ) Total $1,201,200 $905,960 $ 179,520 $ 118,448 29,040 36,960 Bonds payable 193,600 256,960 Common stock 387,200 308,000 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Retained earnings Total 411,840 185,592 $1,201,200 $905,960 ODGERS INC. Income Statement Data For the Year Ended December 31, 2014 Sales revenue $683,690 Less: Cost of goods sold $238,410 Operating expenses, excluding depreciation 21,842 Depreciation expense 81,840 Income taxes 48,013 Interest expense Loss on disposal of plant assets 8,325 13,200 Net income 411,630 $ 272,060 Additional information: 1. New plant assets costing $176,000 were purchased for cash during the year. Old plant assets having an original cost of $101,200 and accumulated depreciation of 2. $85,360 were sold for $2,640 cash. 3. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of $45,812 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 Flows fromOperating Activities $ Cash Receipts fromCustomers Less : Cash Payments $ To Suppliers For Operating Expenses For Income Taxes For Interest Net Cash Provided by Operating Activities Cash Flows fromInvesting Activities Sale of Plant Assets Purchase of Plant Assets Purchase of Investments Net Cash used by Financing Activities Cash at End of Period Payment of Cash Dividends Sale of Common Stock Redemption of Bonds 8,325 Net Cash used by Financing Activities Net Increase in Cash Cash at Beginning of Period $ Cash at End of Period 2014 Net sales Cost of goods sold Gross profit Selling and administrative expenses Income from operations 2013 $1,892,704 1,060,704 832,000 $1,752,664 1,008,164 744,500 502,164 481,164 329,836 263,336 23,463 306,373 93,463 $ 212,910 21,463 241,873 74,463 $ 167,410 Other expenses and losses Interest expense Income before income taxes Income tax expense Net income OSBORNE COMPANY Balance Sheets December 31 Assets 2014 2013 Current assets Cash Debt investments (short-term) Accounts receivable Inventory Total current assets Plant assets (net) Total assets $ 60,100 74,000 119,964 127,463 381,527 663,895 $1,045,422 $ 64,200 50,000 104,964 116,963 336,127 535,195 $871,322 $ 162,164 44,963 207,127 234,895 442,022 $147,564 43,463 191,027 214,895 405,922 290,000 313,400 603,400 $1,045,422 300,000 165,400 465,400 $871,322 Liabilities and Stockholders' Equity Current liabilities Accounts payable Income taxes payable Total current liabilities Bonds payable Total liabilities Stockholders' equity Common stock ($5 par) Retained earnings Total stockholders' equity Total liabilities and stockholders' equity All sales were on account. Net cash provided by operating activities for 2014 was $244,880. Capital expenditures were $136,070, and cash dividends were $64,910. Compute the following ratios for 2014. (Round all answers to 2 decimal places, e.g. 1.83 or 12.61%.) $ (a) Earnings per share (b) Return on common stockholders' equity % (c) Return on assets % (d) Current ratio :1 (e) Accounts receivable turnover times (f) Average collection period days (g) Inventory turnover times (h) Days in inventory days (i) Times interest earned times (j) Asset turnover times (k) Debt to assets % (l) Current cash debt coverage times (m) Cash debt coverage times $ (n) Free cash flowStep by Step Solution
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