Prepare a statement of cash flows for odgers inc using the

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Reference no: EM13576701

Condensed financial data of Odgers Inc. follow.

ODGERS INC. Comparative Balance Sheets December 31
Assets	2014		2013
Cash	$ 80,800		$ 48,400
Accounts receivable	87,800		38,000
Inventory	112,500		102,850
Prepaid expenses	28,400		26,000
Long-term investments	138,000		109,000
Plant assets	285,000		242,500
Accumulated depreciation	(50,000	)	(52,000	)
Total	$682,500		$514,750

Liabilities and Stockholders' Equity
Accounts payable	$ 102,000		$ 67,300
Accrued expenses payable	16,500		21,000
Bonds payable	110,000		146,000
Common stock	220,000		175,000
Retained earnings	234,000		105,450
Total	$682,500		$514,750

ODGERS INC. Income Statement Data For the Year Ended December 31, 2014
Sales revenue		$388,460
Less:
Cost of goods sold	$135,460
Operating expenses, excluding depreciation	12,410
Depreciation expense	46,500
Income taxes	27,280
Interest expense	4,730
Loss on disposal of plant assets	7,500	233,880
Net income		$ 154,580

Additional information:

1.		New plant assets costing $100,000 were purchased for cash during the year.
2.		Old plant assets having an original cost of $57,500 and accumulated depreciation of $48,500 were sold for $1,500 cash.
3.		Bonds payable matured and were paid off at face value for cash.
4.		A cash dividend of $26,030 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: EM13576701

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