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Prepare a statement of cash flows for odgers inc using the

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Reference no: EM13576701

Condensed financial data of Odgers Inc. follow.

ODGERS INC.
Comparative Balance Sheets
December 31

Assets

2014

2013
Cash

$ 80,800

$ 48,400
Accounts receivable

87,800

38,000
Inventory

112,500

102,850
Prepaid expenses

28,400

26,000
Long-term investments

138,000

109,000
Plant assets

285,000

242,500
Accumulated depreciation

(50,000

)

(52,000

)
Total

$682,500

$514,750







Liabilities and Stockholders' Equity





Accounts payable

$ 102,000

$ 67,300
Accrued expenses payable

16,500

21,000
Bonds payable

110,000

146,000
Common stock

220,000

175,000
Retained earnings

234,000

105,450
Total

$682,500

$514,750

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


$388,460
Less:



     Cost of goods sold

$135,460

     Operating expenses, excluding depreciation

12,410

     Depreciation expense

46,500

     Income taxes

27,280

     Interest expense

4,730

     Loss on disposal of plant assets

7,500

233,880
Net income


$ 154,580


Additional information:

1.
New plant assets costing $100,000 were purchased for cash during the year.
2.
Old plant assets having an original cost of $57,500 and accumulated depreciation of $48,500 were sold for $1,500 cash.
3.
Bonds payable matured and were paid off at face value for cash.
4.
A cash dividend of $26,030 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: EM13576701

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