ALREADY STARTED, ONLY NEED THE INFO FOR THE BLANK AREAS. THANK YOU :-) Condensed
ID: 3008948 • Letter: A
Question
ALREADY STARTED, ONLY NEED THE INFO FOR THE BLANK AREAS. THANK YOU :-)
Condensed financial data of Odgers Inc. follow.
ODGERS INC.
Comparative Balance Sheets
December 31
Assets
2014
2013
$ 197,152
$ 118,096
214,232
92,720
274,500
250,954
69,296
63,440
336,720
265,960
695,400
591,700
(122,000
)
(126,880
)
$1,665,300
$1,255,990
Liabilities and Stockholders’ Equity
$ 248,880
$ 164,212
40,260
51,240
268,400
356,240
536,800
427,000
570,960
257,298
$1,665,300
$1,255,990
ODGERS INC.
Income Statement Data
For the Year Ended December 31, 2014
$947,842
$330,522
30,280
113,460
66,563
11,541
18,300
570,666
$ 377,176
Additional information:
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).)
ODGERS INC.
Statement of Cash Flows
For the Year Ended December 31, 2014
Adjustments to reconcile net income to:
$ ___________
$ ___________
Cash Flows from Financing Activities:
$ __________________
$ __________________
$ ________________
$ _________________
ODGERS INC.
Comparative Balance Sheets
December 31
Assets
2014
2013
Cash$ 197,152
$ 118,096
Accounts receivable214,232
92,720
Inventory274,500
250,954
Prepaid expenses69,296
63,440
Long-term investments336,720
265,960
Plant assets695,400
591,700
Accumulated depreciation(122,000
)
(126,880
)
Total$1,665,300
$1,255,990
Liabilities and Stockholders’ Equity
Accounts payable$ 248,880
$ 164,212
Accrued expenses payable40,260
51,240
Bonds payable268,400
356,240
Common stock536,800
427,000
Retained earnings570,960
257,298
Total$1,665,300
$1,255,990
Explanation / Answer
ODGERS INC. Statement of Cash Flows For the Year Ended December 31, 2014 Cash Flows from Operating Activities Net Income 377,176 Adjustments to reconcile net income to: Depreciation Expense 113,460 Loss on Disposal of Plant Assets 18,300 Increase in Accounts Receivable -121,512 Increase in Inventory -23,546 Increase in Prepaid Expenses -5,856 Increase in Accounts Payable 84,668 Decrease in Accrued Expenses Payable -10,980 $ 54,534 Net Cash Provided by Operating Activities 431710 Cash Flows from Investing Activities: Sale of Plant Assets 3,660 Purchase of Investments -70760 (265960-336720) Purchase of Plant Assets -244,000 Net Cash used by Investing Activities-311,100 (3660-70760-244000) Cash Flows from Financing Activities: Sale of Common Stock 109800 (536800-427000) Payment of Cash Dividends -63514 Given Redemption of Bonds -87840 (268400-356240) Net Cash used by Financing Activities
-41554 (109800-63514-87840) Net Increase in Cash
79,056 (431710-311100-41554) Cash at Beginning of Period
118096 Given Cash at End of Period 197,152 (79056+118096)
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