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Discuss bonds payable matured and were paid off

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Problem 12-10A Condensed financial data of Odgers Inc. follow.

ODGERS INC. Comparative Balance Sheets December 31
Assets 2014 2013
Cash mce_markernbsp;185,032 mce_markernbsp;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 mce_markernbsp;233,580 mce_markernbsp;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 $889,573
Less:
     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:

1. New plant assets costing $229,000 were purchased for cash during the year.
2. Old plant assets having an original cost of $131,675 and accumulated depreciation of $111,065 were sold for $3,435 cash.
3. Bonds payable matured and were paid off at face value for cash.
4. A cash dividend of $59,609 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).) 

Reference no: EM131770704

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