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ODGERS INC. – statement of cash flows using the indirect method

ODGERS INC. – statement of cash flows using the indirect method
ODGERS INC. – statement of cash flows using the indirect method
ODGERS INC.
Comparative Balance Sheets
Dec-31
Assets 2014 2013
Cash $ 180,184 $ 107,932
Accounts receivable 1,95,794 84,740
Inventory 2,50,875 2,29,356
Prepaid expenses 63,332 57,980
Long-term investments 3,07,740 2,43,070
Plant assets 6,35,550 5,40,775
Accumulated depreciation (111,500 ) (115,960 )
Total $1,521,975 $1,147,893

Liabilities and Stockholders’ Equity
Accounts payable $ 227,460 $ 150,079
Accrued expenses payable 36,795 46,830
Bonds payable 2,45,300 3,25,580
Common stock 4,90,600 3,90,250
Retained earnings 5,21,820 2,35,154
Total $1,521,975 $1,147,893

ODGERS INC.
Income Statement Data
For the Year Ended December 31, 2014
Sales revenue $866,266
Less:
Cost of goods sold $302,076
Operating expenses, excluding depreciation 27,674
Depreciation expense 1,03,695
Income tax expense 60,834
Interest expense 10,548
Loss on disposal of plant assets 16,725 5,21,552
Net income $ 344,714

Additional information:

1 New plant assets costing $223,000 were purchased for cash during the year.
2 Old plant assets having an original cost of $128,225 and accumulated depreciation of $108,155 were sold for $3,345 cash.
3 Bonds payable matured and were paid off at face value for cash.
4 A cash dividend of $58,048 was declared and paid during the year.

Prepare a statement of cash flows using the indirect method.

 

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