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Problem 12-9A Condensed financial data of Odgers Inc. follow. I Have a couple of slots I need help with. The empty spaces are the ones
Problem 12-9A Condensed financial data of Odgers Inc. follow.
I Have a couple of slots I need help with. The empty spaces are the ones I cannot get.
Problem 12-9A Your answer is partially correct. Try again. Condensed financial data of Odgers Inc. follow. ODGERS INC. Comparative Balance Sheets December 31 Assets 2014 Cash 2013 $ 118,776 $ 71,148 Accounts receivable 129,066 55,860 Inventory 165,375 151,190 Prepaid expenses 41,748 38,220 Long-term investments 202,860 160,230 Plant assets 418,950 356,475 Accumulated depreciation (73,500 ) (76,440 ) Total $1,003,275 $756,683 $ 149,940 $ 98,931 24,255 30,870 Bonds payable 161,700 214,620 Common stock 323,400 257,250 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Retained earnings Total 343,980 155,012 $1,003,275 $756,683 ODGERS INC. Income Statement Data For the Year Ended December 31, 2014 Sales revenue $571,036 Less: Cost of goods sold $199,126 Operating expenses, excluding depreciation 18,243 Depreciation expense 68,355 Income tax expense 40,102 Interest expense Loss on disposal of plant assets Net income 6,953 11,025 343,804 $ 227,232 Additional information: 1. New plant assets costing $147,000 were purchased for cash during the year. Old plant assets having an original cost of $84,525 and accumulated depreciation of $71,295 were 2. sold for $2,205 cash. 3. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of $38,264 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 227,232 Adjustments to reconcile net income to Net Cash Provided by Operating Activities $ Depreciation Expense Loss on Disposal of Plant Assets Increase in Accounts Receivable Increase in Inventory Increase in Prepaid Expenses Increase in Accounts Payable Decrease in Accrued Expenses Payable 51,009 -6,615 32,855 Net Cash Provided by Operating Activities 260,087 Cash Flows fromInvesting Activities Sale of Plant Assets Purchase of Plant Assets Purchase of Investments 2,205 Net Cash used by Investing Activities Cash Flows fromFinancing Activities Sale of Common Stock Payment of Cash Dividends Redemption of Bonds Net Cash used by Financing Activities Net Increase in Cash Cash at Beginning of Period 66,150 -38,264 -52,920 -25,034 47,628 71,148 $ Cash at End of Period 118,776 LINK TO TEXTStep by Step Solution
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