Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I need help on these assignments please. I am struggling with the solutions. Problem 12-9A Condensed financial data of Odgers Inc. follow. ODGERS INC. Comparative
I need help on these assignments please. I am struggling with the solutions.
Problem 12-9A Condensed financial data of Odgers Inc. follow. ODGERS INC. Comparative Balance Sheets December 31 Assets 2014 Cash 2013 $ 157,560 $ 94,380 Accounts receivable 171,210 74,100 Inventory 219,375 200,558 Prepaid expenses 55,380 50,700 Long-term investments 269,100 212,550 Plant assets 555,750 Accumulated depreciation (97,500 ) Total 472,875 (101,400 ) $1,330,875 $1,003,763 $ 198,900 $ 131,235 32,175 40,950 Bonds payable 214,500 284,700 Common stock 429,000 341,250 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Retained earnings Total 456,300 205,628 $1,330,875 $1,003,763 ODGERS INC. Income Statement Data For the Year Ended December 31, 2014 Sales revenue $757,497 Less: Cost of goods sold $264,147 Operating expenses, excluding depreciation 24,200 Depreciation expense 90,675 Income tax expense 53,196 Interest expense Loss on disposal of plant assets 9,224 14,625 Net income 456,067 $ 301,430 Additional information: 1. New plant assets costing $195,000 were purchased for cash during the year. Old plant assets having an original cost of $112,125 and accumulated depreciation of 2. $94,575 were sold for $2,925 cash. 3. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of $50,758 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 Flows fromOperating Activities $ Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities $ Decrease in Accrued Expenses Payable $ Don't show me this message again for the assignment Problem 12-10A Condensed financial data of Odgers Inc. follow. ODGERS INC. Comparative Balance Sheets December 31 Assets Cash 2014 2013 $ 163,216 $ 97,768 Accounts receivable 177,356 76,760 Inventory 227,250 207,757 Prepaid expenses Long-term investments Plant assets Accumulated depreciation Total 57,368 52,520 278,760 220,180 575,700 489,850 (101,000 ) (105,040 ) $1,378,650 $1,039,795 $ 206,040 $ 135,946 33,330 42,420 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable 222,200 294,920 Common stock 444,400 353,500 Retained earnings 472,680 213,009 $1,378,650 $1,039,795 Total ODGERS INC. Income Statement Data For the Year Ended December 31, 2014 Sales revenue $784,689 Less: Cost of goods sold $273,629 Operating expenses, excluding depreciation 25,068 Depreciation expense 93,930 Income taxes 55,106 Interest expense Loss on disposal of plant assets 9,555 15,150 Net income 472,438 $ 312,251 Additional information: 1. New plant assets costing $202,000 were purchased for cash during the year. Old plant assets having an original cost of $116,150 and accumulated depreciation of 2. $97,970 were sold for $3,030 cash. 3. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of $52,580 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 $ : $ $ Don't show me this message again for the assignment Problem 13-2A The comparative statements of Osborne Company are presented here. OSBORNE COMPANY Income Statements For the Years Ended December 31 2014 Net sales Cost of goods sold Gross profit Selling and administrative expenses Income from operations 2013 $1,898,110 1,066,110 832,000 507,570 324,430 $1,758,070 1,013,570 744,500 486,570 257,930 23,537 300,893 93,537 $ 207,356 21,537 236,393 74,537 $ 161,856 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 74,000 125,370 127,537 387,007 660,599 $1,047,606 $ 64,200 50,000 110,370 117,037 341,607 531,899 $873,506 $ 167,570 45,037 212,607 231,599 444,206 $152,970 43,537 196,507 211,599 408,106 290,000 313,400 603,400 $1,047,606 300,000 165,400 465,400 $873,506 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 $242,570. Capital expenditures were $136,610, and cash dividends were $59,356. 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
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started