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Discuss accounts payable pertain to merchandise creditors

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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

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