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

Total

$1,569,750

$1,183,925

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

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.