Condensed financial data of Odgers Inc. followPrepare 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 p

ODGERS INC.
Comparative Balance Sheets
December 31

Assets

2014

2013

Cash

$ 141,400

$ 84,700

Accounts receivable

153,650

66,500

Inventory

196,875

179,988

Prepaid expenses

49,700

45,500

Long-term investments

241,500

190,750

Plant assets

498,750

424,375

Accumulated depreciation

(87,500

(91,000

Total

$1,194,375

$900,813

Liabilities and Stockholders’ Equity

Accounts payable

$ 178,500

$ 117,775

Accrued expenses payable

28,875

36,750

Bonds payable

192,500

255,500

Common stock

385,000

306,250

Retained earnings

409,500

184,538

Total

$1,194,375

$900,813

ODGERS INC.
Income Statement Data
For the Year Ended December 31, 2014

Sales revenue

$679,805

Less:

     Cost of goods sold

$237,055

     Operating expenses, excluding depreciation

21,718

     Depreciation expense

81,375

     Income taxes

47,740

     Interest expense

8,278

     Loss on disposal of plant assets

13,125

409,291

Net income

$ 270,514

1.

New plant assets costing $175,000 were purchased for cash during the year.

2.

Old plant assets having an original cost of $100,625 and accumulated depreciation of $84,875 were sold for $2,625 cash.

3.

Bonds payable matured and were paid off at face value for cash.

4.

A cash dividend of $45,552 was declared and paid during the year.

ODGERS INC.
Statement of Cash Flows
For the Year Ended December 31, 2014

EAT_1342614808683_0_9180296863143562_006

EAT_1342614808683_0_9180296863143562_016

592,655

EAT_1342615306689_0_14769375819187802

:

EAT_1342615321220_0_18715713304495496

EAT_1342614808683_0_9180296863143562_034

60,725

EAT_1342614808683_0_9180296863143562_049

47,740

EAT_1342614808683_0_9180296863143562_064

33793

EAT_1342614808683_0_9180296863143562_079

8,278

150,536

EAT_1342614808683_0_9180296863143562_098

442,129