ODGERS INC.
Comparative Balance Sheets
December 31
Assets 2014 2013
Cash $ 151,904 $ 90,992
Accounts receivable 165,064 71,440
Inventory 211,500 193,358
Prepaid expenses 53,392 48,880
Long-term investments 259,440 204,920
Plant assets 535,800 455,900
Accumulated depreciation (94,000 ) (97,760 )
Total $1,283,100 $967,730
Liabilities and Stockholders’ Equity
Accounts payable $ 191,760 $ 126,524
Accrued expenses payable 31,020 39,480
Bonds payable 206,800 274,480
Common stock 413,600 329,000
Retained earnings 439,920 198,246
Total $1,283,100 $967,730
ODGERS INC.
Income Statement Data
For the Year Ended December 31, 2014
Sales revenue $730,305
Less:
Cost of goods sold $254,665
Operating expenses, excluding depreciation 23,331
Depreciation expense 87,420
Income taxes 51,286
Interest expense 8,892
Loss on disposal of plant assets 14,100 439,694
Net income $ 290,611
Additional information:
1. New plant assets costing $188,000 were purchased for cash during the year.
2. Old plant assets having an original cost of $108,100 and accumulated depreciation of $91,180 were sold for $2,820 cash.
3. Bonds payable matured and were paid off at face value for cash.
4. A cash dividend of $48,937 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
$
:
$
$
Problem 13-2A
Your answer is partially correct. Try again.
The comparative statements of Osborne Company are presented here.
OSBORNE COMPANY
Income Statements
For the Years Ended December 31
2014 2013
Net sales $1,897,463 $1,757,423
Cost of goods sold 1,065,463 1,012,923
Gross profit 832,000 744,500
Selling and administrative expenses 506,923 485,923
Income from operations 325,077 258,577
Other expenses and losses
Interest expense 23,448 21,448
Income before income taxes 301,629 237,129
Income tax expense 93,448 74,448
Net income $ 208,181 $ 162,681
OSBORNE COMPANY
Balance Sheets
December 31
Assets 2014 2013
Current assets
Cash $ 60,100 $ 64,200
Debt investments (short-term) 74,000 50,000
Accounts receivable 124,723 109,723
Inventory 127,448 116,948
Total current assets 386,271 340,871
Plant assets (net) 662,194 533,494
Total assets $1,048,465 $874,365
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable $ 166,923 $152,323
Income taxes payable 44,948 43,448
Total current liabilities 211,871 195,771
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