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need some help with these two problems accounting problems Problem 12-9A Condensed financial data of Odgers Inc. follow. ODGERS INC. Comparative Balance Sheets December 31
need some help with these two problems accounting problems
Problem 12-9A Condensed financial data of Odgers Inc. follow. ODGERS INC. Comparative Balance Sheets December 31 Assets 2014 Cash 2013 $ 107,464 $ 64,372 Accounts receivable 116,774 50,540 Inventory 149,625 136,791 Prepaid expenses 37,772 34,580 Long-term investments 183,540 144,970 Plant assets 379,050 322,525 Accumulated depreciation (66,500 ) (69,160 ) Total $907,725 $684,618 $ 135,660 $ 89,509 21,945 27,930 Bonds payable 146,300 194,180 Common stock 292,600 232,750 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Retained earnings 311,220 140,249 $907,725 Total $684,618 ODGERS INC. Income Statement Data For the Year Ended December 31, 2014 Sales revenue $516,652 Less: Cost of goods sold $180,162 Operating expenses, excluding depreciation 16,505 Depreciation expense 61,845 Income tax expense 36,282 Interest expense 6,291 Loss on disposal of plant assets 9,975 Net income 311,060 $ 205,592 Additional information: 1. New plant assets costing $133,000 were purchased for cash during the year. Old plant assets having an original cost of $76,475 and accumulated depreciation of $64,505 were 2. sold for $1,995 cash. 3. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of $34,621 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 $ Adjustments to reconcile net income to $ $ Don't show me this message again for the assignment Link to Text Problem 12-10A Condensed financial data of Odgers Inc. follow. ODGERS INC. Comparative Balance Sheets December 31 Assets 2014 Cash 2013 $ 196,344 $ 117,612 Accounts receivable 213,354 92,340 Inventory 273,375 249,926 Prepaid expenses Long-term investments Plant assets 69,012 63,180 335,340 264,870 692,550 Accumulated depreciation Total 589,275 (121,500 ) (126,360 ) $1,658,475 $1,250,843 $ 247,860 $ 163,539 40,095 51,030 Bonds payable 267,300 354,780 Common stock 534,600 425,250 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Retained earnings Total 568,620 256,244 $1,658,475 $1,250,843 ODGERS INC. Income Statement Data For the Year Ended December 31, 2014 Sales revenue $943,958 Less: Cost of goods sold Operating expenses, excluding depreciation Depreciation expense $329,168 30,156 112,995 Income taxes 66,290 Interest expense 11,494 Loss on disposal of plant assets 18,225 Net income 568,328 $ 375,630 Additional information: 1. New plant assets costing $243,000 were purchased for cash during the year. Old plant assets having an original cost of $139,725 and accumulated depreciation of 2. $117,855 were sold for $3,645 cash. 3. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of $63,254 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 assignmentStep by Step Solution
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