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Problem - Condensed financial data of Odgers Inc. follow.
ODGERS INC. Comparative Balance Sheets December 31
Assets
2014
2013
Cash
$ 185,840
$ 111,320
Accounts receivable
201,940
87,400
Inventory
258,750
236,555
Prepaid expenses
65,320
59,800
Long-term investments
317,400
250,700
Plant assets
655,500
557,750
Accumulated depreciation
(115,000)
(119,600)
Total
$1,569,750
$1,183,925
Liabilities and Stockholders' Equity
Accounts payable
$ 234,600
$ 154,790
Accrued expenses payable
37,950
48,300
Bonds payable
253,000
335,800
Common stock
506,000
402,500
Retained earnings
538,200
242,535
ODGERS INC. Income Statement Data For the Year Ended December 31, 2014
Sales revenue
$893,458
Less:
Cost of goods sold
$311,558
Operating expenses, excluding depreciation
28,543
Depreciation expense
106,950
Income tax expense
62,744
Interest expense
10,879
Loss on disposal of plant assets
17,250
537,924
Net income
$ 355,534
Additional information:
1.
New plant assets costing $230,000 were purchased for cash during the year.
2.
Old plant assets having an original cost of $132,250 and accumulated depreciation of $111,550 were sold for $3,450 cash.
3.
Bonds payable matured and were paid off at face value for cash.
4.
A cash dividend of $59,869 was declared and paid during the year.
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