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Problem 12-10ACondensed financial data of Odgers Inc. follow.
ODGERS INC. Comparative Balance Sheets December 31
Assets
2014
2013
Cash
$150,288
$90,024
Accounts receivable
163,308
70,680
Inventory
209,250
191,301
Prepaid expenses
52,824
48,360
Long-term investments
256,680
202,740
Plant assets
530,100
451,050
Accumulated depreciation
(93,000
(96,720
Total
$1,269,450
$957,435
Liabilities and Stockholders' Equity
Accounts payable
$189,720
$125,178
Accrued expenses payable
30,690
39,060
Bonds payable
204,600
271,560
Common stock
409,200
325,500
Retained earnings
435,240
196,137
ODGERS INC. Income Statement Data For the Year Ended December 31, 2014
Sales revenue
$722,536
Less:
Cost of goods sold
$251,956
Operating expenses, excluding depreciation
23,083
Depreciation expense
86,490
Income taxes
50,741
Interest expense
8,798
Loss on disposal of plant assets
13,950
435,018
Net income
$287,518
Additional information:
1. New plant assets costing $186,000 were purchased for cash during the year.
2. Old plant assets having an original cost of $106,950 and accumulated depreciation of $90,210 were sold for $2,790 cash.
3. Bonds payable matured and were paid off at face value for cash.
4. A cash dividend of $48,415 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
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