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I have attached the following accounting question that I need help with. Please note that it is an editable word document. The answers should go
I have attached the following accounting question that I need help with. Please note that it is an editable word document. The answers should go where the red blocks are. Thanks in advance.
ACC/291 49632364 / Assignment: Week 5 Assignment * Question 3 Condensed financial data of Odgers Inc. follow. ODGERS INC. Comparative Balance Sheets December 31 Assets Cash 2014 2013 $ 134,936 $ 80,828 Accounts receivable 146,626 63,460 Inventory 187,875 171,760 47,428 43,420 Longterm investments 230,460 182,030 Plant assets 475,950 404,975 Accumulated depreciation (83,500 ) (86,840 ) Prepaid expenses $1,139,775 $859,633 $ 170,340 $ 112,391 27,555 35,070 Bonds payable 183,700 243,820 Common stock 367,400 292,250 Retained earnings 390,780 176,102 $1,139,775 $859,633 Total Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Total ODGERS INC. Income Statement Data For the Year Ended December 31, 2014 Sales revenue $648,728 Less: Cost of goods sold $226,218 Operating expenses, excluding depreciation 20,725 Depreciation expense 77,655 Income tax expense 45,558 Interest expense 7,899 Loss on disposal of plant assets 12,525 390,580 $ 258,148 Net income Additional information: 1. New plant assets costing $167,000 were purchased for cash during the year. 2. Old plant assets having an original cost of $96,025 and accumulated depreciation of $80,995 were sold for $2,505 cash. 3. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of $43,470 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 $0 Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities Decrease in Accrued Expenses Payable $ (0) Increase in Inventory (0) Increase in Accounts Receivable (0) Depreciation Expense 0 Loss on Disposal of Plant Assets 0 Increase in Prepaid Expenses (0) Increase in Accounts Payable 0 0 Net Cash Provided by Operating Activities 0 Cash Flow s from Investing Activities Purchase of Investments (0) Purchase of Plant Assets (0) Sale of Plant Assets 0 Net Cash used by Investing Activities (0) Cash Flow s from Financing Activities Redemption of Bonds Sale of Common Stock Payment of Cash Dividends Net Cash used by Financing Activities (0) 0 (0) (0) Net Increase in Cash 0 Cash at Beginning of Period 0 Cash at End of Period LINK TO TEXT $0Step by Step Solution
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