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Prepare a statement of cash flows using the indirect method

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Reference no: EM131820329

Condensed financial data of Odgers Inc. follow.

ODGERS INC.
Comparative Balance Sheets
December 31
Assets 2014 2013
Cash $99,384 $59,532
Accounts receivable 107,994 46,740
Inventory 138,375 126,506
Prepaid expenses 34,932 31,980
Long-term investments 169,740 134,070
Plant assets 350,550 298,275
Accumulated depreciation (61,500) (63,960)  
Total $839,475  $633,143  
Liabilities and Stockholders' Equity
Accounts payable $125,460 $82,779
Accrued expenses payable 20,295 25,830
Bonds payable 135,300 179,580
Common stock 270,600 215,250
Retained earnings 287,820  129,704  
Total $839,475  $633,143  

 

ODGERS INC.
Income Statement Data
For the Year Ended December 31, 2014
Sales revenue $477,806
Less:
     Cost of goods sold $166,616
     Operating expenses, excluding depreciation 15,264
     Depreciation expense 57,195
     Income tax expense 33,554
     Interest expense 5,818
     Loss on disposal of plant assets 9,225 287,672
Net income $190,134

Additional information:

1. New plant assets costing $123,000 were purchased for cash during the year.
2. Old plant assets having an original cost of $70,725 and accumulated depreciation of $59,655 were sold for $1,845 cash.
3. Bonds payable matured and were paid off at face value for cash.
4. A cash dividend of $32,018 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: EM131820329

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