ODGERS INC. Comparative Balance Sheets December 31 Assets 2014


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ODGERS INC. Comparative Balance Sheets December 31 Assets 2014 2013 Cash $ 178,568 $ 106,964 Accounts receivable 194,038 83,980 Inventory 248,625 227,299 Prepaid expenses 62,764 57,460 Long-term investments 304,980 240,890 Plant assets 629,850 535,925 Accumulated depreciation (110,500 ) (114,920 ) Total $1,508,325 $1,137,598 Liabilities and Stockholders’ Equity Accounts payable $ 225,420 $ 148,733 Accrued expenses payable 36,465 46,410 Bonds payable 243,100 322,660 Common stock 486,200 386,750 Retained earnings 517,140 233,045 Total $1,508,325 $1,137,598 ODGERS INC. Income Statement Data For the Year Ended December 31, 2014 Sales revenue $858,497 Less: Cost of goods sold $299,367 Operating expenses, excluding depreciation 27,426 Depreciation expense 102,765 Income taxes 60,289 Interest expense 10,453 Loss on disposal of plant assets 16,575 516,875 Net income $ 341,622 Additional information: 1. New plant assets costing $221,000 were purchased for cash during the year. 2. Old plant assets having an original cost of $127,075 and accumulated depreciation of $107,185 were sold for $3,315 cash. 3. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of $57,527 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 at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash used by Financing ActivitiesNet Cash used by Investing ActivitiesNet Cash used by Operating ActivitiesNet Decrease in CashNet Increase in Cash For Operating Expenses    Purchase of Plant Assets    Redemption of Bonds    To Suppliers    Sale of Plant Assets    Sale of Common Stock    Purchase of Investments    Payment of Cash Dividends    Cash Receipts from Customers    For Income Taxes    For Interest $ AddLess : For Operating ExpensesPurchase of InvestmentsCash Receipts from CustomersSale of Plant AssetsTo SuppliersPurchase of Plant AssetsSale of Common StockFor Income TaxesFor InterestCash PaymentsPayment of Cash DividendsRedemption of Bonds Purchase of Plant Assets    Payment of Cash Dividends    Redemption of Bonds    For Interest    For Operating Expenses    For Income Taxes    Sale of Common Stock    Cash Payments    Purchase of Investments    Sale of Plant Assets    Cash Receipts from Customers    To Suppliers $ Cash Receipts from Customers    Redemption of Bonds    To Suppliers    Payment of Cash Dividends    For Income Taxes    For Operating Expenses    For Interest    Sale of Common Stock    Cash Payments    Sale of Plant Assets    Purchase of Investments    Purchase of Plant Assets Purchase of Plant Assets    Payment of Cash Dividends    For Income Taxes    For Operating Expenses    Cash Receipts from Customers    For Interest    To Suppliers    Sale of Plant Assets    Purchase of Investments    Sale of Common Stock    Redemption of Bonds    Cash Payments Sale of Plant Assets    Payment of Cash Dividends    Purchase of Plant Assets    For Operating Expenses    Purchase of Investments    For Income Taxes    Cash Receipts from Customers    To Suppliers    Redemption of Bonds    Cash Payments    For Interest    Sale of Common Stock Cash at Beginning of Period    Cash at End of Period    Cash Flows from Financing Activities    Cash Flows from Investing Activities    Cash Flows from Operating Activities    Net Cash Provided by Financing Activities    Net Cash Provided by Investing Activities    Net Cash Provided by Operating Activities    Net Cash used by Financing Activities   …

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