Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need help with my accounting homework. I am having a lot of trouble. Assets 2014 Cash 2013 $ 142,208 $ 85,184 Accounts receivable 154,528

I need help with my accounting homework. I am having a lot of trouble.

image text in transcribed 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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamental Financial Accounting Concepts

Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Mark Edmonds, Christopher Edmonds

10th Edition

126015940X, 978-1260159400

More Books

Students also viewed these Accounting questions

Question

1. Information that is currently accessible (recognition).

Answered: 1 week ago