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Discuss bonds payable matured and were paid off

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Reference no: EM131771938

Problem

Condensed financial data of Odgers Inc. follow.

ODGERS INC.
Comparative Balance Sheets
December 31
Assets 2014 2013
Cash mce_markernbsp;125,240 mce_markernbsp;75,020
Accounts receivable 136,090 58,900
Inventory 174,375 159,418
Prepaid expenses 44,020 40,300
Long-term investments 213,900 168,950
Plant assets 441,750 375,875
Accumulated depreciation (77,500 ) (80,600 )
Total $1,057,875   $797,863  
Liabilities and Stockholders' Equity
Accounts payable mce_markernbsp;158,100 mce_markernbsp;104,315
Accrued expenses payable 25,575 32,550
Bonds payable 170,500 226,300
Common stock 341,000 271,250
Retained earnings 362,700   163,448  
Total $1,057,875   $797,863  

 

ODGERS INC.
Income Statement Data
For the Year Ended December 31, 2014
Sales revenue $602,113
Less:
     Cost of goods sold $209,963
     Operating expenses, excluding depreciation 19,236
     Depreciation expense 72,075
     Income tax expense 42,284
     Interest expense 7,332
     Loss on disposal of plant assets 11,625 362,515
Net income mce_markernbsp;239,598

Additional information:

1. New plant assets costing $155,000 were purchased for cash during the year.

2. Old plant assets having an original cost of $89,125 and accumulated depreciation of $75,175 were sold for $2,325 cash.

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

4. A cash dividend of $40,346 was declared and paid during the year.

Prepare a statement of cash flows using the indirect method.(Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

Reference no: EM131771938

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