Question
Problem 12-9A Condensed financial data of Odgers Inc. follow. ODGERS INC. Comparative Balance Sheets December 31 Assets 2014 2013 Cash $ 116,352 $ 69,696 Accounts
Problem 12-9A Condensed financial data of Odgers Inc. follow. ODGERS INC. Comparative Balance Sheets December 31 Assets 2014 2013 Cash $ 116,352 $ 69,696 Accounts receivable 126,432 54,720 Inventory 162,000 148,104 Prepaid expenses 40,896 37,440 Long-term investments 198,720 156,960 Plant assets 410,400 349,200 Accumulated depreciation (72,000 ) (74,880 ) Total $982,800 $741,240 Liabilities and Stockholders Equity Accounts payable $ 146,880 $ 96,912 Accrued expenses payable 23,760 30,240 Bonds payable 158,400 210,240 Common stock 316,800 252,000 Retained earnings 336,960 151,848 Total $982,800 $741,240 ODGERS INC. Income Statement Data For the Year Ended December 31, 2014 Sales revenue $559,382 Less: Cost of goods sold $195,062 Operating expenses, excluding depreciation 17,870 Depreciation expense 66,960 Income tax expense 39,283 Interest expense 6,811 Loss on disposal of plant assets 10,800 336,786 Net income $ 222,596 Additional information: 1. New plant assets costing $144,000 were purchased for cash during the year. 2. Old plant assets having an original cost of $82,800 and accumulated depreciation of $69,840 were sold for $2,160 cash. 3. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of $37,484 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 $ $
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