User Account

All Pages

Discuss accounts payable pertain to merchandise creditors

Assignment Help Accounting Basics
Reference no: EM131771950

 

Problem

Condensed financial data of Odgers Inc. follow.

ODGERS INC. Comparative Balance Sheets December 31
Assets 2014 2013
Cash mce_markernbsp;143,824 mce_markernbsp;86,152
Accounts receivable 156,284 67,640
Inventory 200,250 183,073
Prepaid expenses 50,552 46,280
Long-term investments 245,640 194,020
Plant assets 507,300 431,650
Accumulated depreciation (89,000 ) (92,560 )
Total $1,214,850   $916,255  
Liabilities and Stockholders' Equity
Accounts payable mce_markernbsp;181,560 mce_markernbsp;119,794
Accrued expenses payable 29,370 37,380
Bonds payable 195,800 259,880
Common stock 391,600 311,500
Retained earnings 416,520   187,701  
Total $1,214,850   $916,255  

 

ODGERS INC.
Income Statement Data
For the Year Ended December 31, 2014
Sales revenue $691,459
Less:
     Cost of goods sold $241,119
     Operating expenses, excluding depreciation 22,090
     Depreciation expense 82,770
     Income taxes 48,558
     Interest expense 8,419
     Loss on disposal of plant assets 13,350 416,306
Net income $275,153

Additional information:

1. New plant assets costing $178,000 were purchased for cash during the year.
2. Old plant assets having an original cost of $102,350 and accumulated depreciation of $86,330 were sold for $2,670 cash.
3. Bonds payable matured and were paid off at face value for cash.
4. A cash dividend of $46,334 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: EM131771950

Questions Cloud

What is the number of juices per day : CVP Case Study. Yummy Juices is a juice shop located in downtown Miami. What is the number of juices per day that must be sold to achieve break even
Interact politely with people with disabilities : Why are there no hard-and-fast rules about how to interact politely with people with disabilities?
Draw a scatterplot of population versus violent crime : Draw a scatterplot of population versus violent crime, making sure it meets all the criteria for a good picture. Comment on the scatterplot.
Organization and all of the stakeholders : How do leaders and managers reinforce the idea that change is mostly good for the organization and all of the stakeholders?
Discuss accounts payable pertain to merchandise creditors : Further analysis reveals that accounts payable pertain to merchandise creditors
What is the firm weighted average cost of capital : The yield-to-maturity on the debt is 9.36 percent. What is the firm's weighted average cost of capital if the tax rate is 35 percent
Can it be possible to implement change too early : Can it be possible to implement change too early? For instance, an organization that needs to change but rushes change may encounter
Develop a crisis communication plan : Prepare the unified command structure that would be used during a crisis, and instructions for the intended audience. Develop a crisis communication plan.
Illustrating the blood-type distribution for white americans : According to the American Medical Association Family Medical Guide (1982, p. 422), the distribution of blood types in the United States in the late 1970s.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd