Problem: Condensed financial data of Odgers Inc. follow.
ODGERS INC. Comparative Balance Sheets December 31
|
Assets
|
2014
|
2013
|
|
Cash
|
$ 185,032
|
$ 110,836
|
|
Accounts receivable
|
201,062
|
87,020
|
|
Inventory
|
257,625
|
235,527
|
|
Prepaid expenses
|
65,036
|
59,540
|
|
Long-term investments
|
316,020
|
249,610
|
|
Plant assets
|
652,650
|
555,325
|
|
Accumulated depreciation
|
-114,500
|
-119,080
|
|
Total
|
$1,562,925
|
$1,178,778
|
Liabilities and Stockholders' Equity
|
Accounts payable
|
$ 233,580
|
$ 154,117
|
|
Accrued expenses payable
|
37,785
|
48,090
|
|
Bonds payable
|
251,900
|
334,340
|
|
Common stock
|
503,800
|
400,750
|
|
Retained earnings
|
535,860
|
241,481
|
|
Total
|
$1,562,925
|
$1,178,778
|
ODGERS INC. Income Statement Data for the Year Ended December 31, 2014
|
Sales revenue Less:
|
|
$889,573
|
|
|
|
|
|
Cost of goods sold
|
$310,203
|
|
|
Operating expenses, excluding depreciation
|
28,419
|
|
|
Depreciation expense
|
106,485
|
|
|
Income taxes
|
62,471
|
|
|
Interest expense
|
10,832
|
|
|
Loss on disposal of plant assets
|
17,175
|
535,585
|
|
Net income
|
|
$ 353,988
|
Additional Information:
A. New plant assets costing $229,000 were purchased for cash during the year.
B. Old plant assets having an original cost of $131,675 and accumulated depreciation of $111,065 were sold for $3,435 cash.
C. Bonds payable matured and was paid off at face value for cash.
D. A cash dividend of $59,609 was declared and paid during the year.
Further analysis reveals that accounts payable pertain to merchandise creditors.
Required: Prepare a statement of cash flows for Odgers Inc. using the direct method.
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