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Problem 12-9A Condensed financial data of Odgers Inc. follow. ODGERS INC. Comparative Balance Sheets December 31 Assets 2014 Cash 2013 $ 201,192 $ 120,516 Accounts receivable 218,622 94,620 Inventory 280,125 256,097 Prepaid expenses Long-term investments Plant assets Accumulated depreciation Total 70,716 64,740 343,620 271,410 709,650 603,825 (124,500 ) (129,480 ) $1,699,425 $1,281,728 $ 253,980 $ 167,577 41,085 52,290 Bonds payable 273,900 363,540 Common stock 547,800 435,750 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Retained earnings Total 582,660 262,571 $1,699,425 $1,281,728 ODGERS INC. Income Statement Data For the Year Ended December 31, 2014 Sales revenue $967,265 Less: Cost of goods sold Operating expenses, excluding depreciation Depreciation expense $337,295 30,901 115,785 Income tax expense 67,927 Interest expense 11,778 Loss on disposal of plant assets 18,675 Net income 582,361 $ 384,904 Additional information: 1. New plant assets costing $249,000 were purchased for cash during the year. Old plant assets having an original cost of $143,175 and accumulated depreciation of 2. $120,765 were sold for $3,735 cash. 3. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of $64,815 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 384,904 Adjustments to reconcile net income to $ Depreciation Expense 115,785 Loss on Disposal of Plant Assets Increase in Accounts Payable Increase in Accounts Receivable Increase in Inventory Increase in Prepaid Expenses Decrease in Accrued Expenses Payable Cash Flow s from Operating Activities Cash Flow s from Investing Activities Sale of Plant Assets Purchase of Plant Assets 18,675 Purchase of Investments Net Cash used by Investing Activities Cash Flow s from Financing Activities Sale of Common Stock Redemption of Bonds Payment of Cash Dividends Net Cash used by Financing Activities Net Increase in Cash Cash at Beginning of Period $ Cash at End of Period 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 $ 172,912 $ 103,576 Accounts receivable 187,892 81,320 Inventory 240,750 220,099 Prepaid expenses Long-term investments 60,776 55,640 295,320 233,260 Plant assets 609,900 Accumulated depreciation Total 518,950 (107,000 ) (111,280 ) $1,460,550 $1,101,565 $ 218,280 $ 144,022 35,310 44,940 Bonds payable 235,400 312,440 Common stock 470,800 374,500 Retained earnings 500,760 225,663 $1,460,550 $1,101,565 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Total ODGERS INC. Income Statement Data For the Year Ended December 31, 2014 Sales revenue $831,304 Less: Cost of goods sold $289,884 Operating expenses, excluding depreciation 26,557 Depreciation expense 99,510 Income taxes 58,379 Interest expense 10,122 Loss on disposal of plant assets 16,050 Net income 500,502 $ 330,802 Additional information: 1. New plant assets costing $214,000 were purchased for cash during the year. Old plant assets having an original cost of $123,050 and accumulated depreciation of 2. $103,790 were sold for $3,210 cash. 3. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of $55,705 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 Flow s from Operating Activities $ Cash Receipts from Customers Less : Cash Payments $ To Suppliers For Income Taxes For Operating Expenses For Interest Net Cash Provided by Operating Activities Cash Flow s from Investing Activities Sale of Plant Assets Purchase of Plant Assets Purchase of Investments Net Cash used by Investing Activities Cash Flow s from Financing Activities Sale of Common Stock Payment of Cash Dividends Redemption of Bonds Net Cash used by Financing Activities Net Cash used by Financing Activities Net Increase in Cash Cash at Beginning of Period $ Cash at End of Period 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 $1,896,338 1,064,338 832,000 505,798 326,202 $1,756,298 1,011,798 744,500 484,798 259,702 23,226 302,976 93,226 $ 209,750 21,226 238,476 74,226 $ 164,250 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 74,000 123,598 127,226 384,924 661,164 $1,046,088 $ 64,200 50,000 108,598 116,726 339,524 532,464 $871,988 $ 165,798 44,726 $151,198 43,226 Liabilities and Stockholders' Equity Current liabilities Accounts payable Income taxes payable Total current liabilities Bonds payable Total liabilities 210,524 232,164 442,688 194,424 212,164 406,588 290,000 313,400 603,400 $1,046,088 300,000 165,400 465,400 $871,988 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 $235,050. Capital expenditures were $135,430, and cash dividends were $61,750. 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 flow Don't show me this message again for the assignment