Reference no: EM131202808
Condensed financial data of Odgers Inc. follow. ODGERS INC. Comparative Balance Sheets December 31 Assets 2014 2013 Cash $ 101,000 $ 60,500 Accounts receivable 109,750 47,500 Inventory 140,625 128,563 Prepaid expenses 35,500 32,500 Long-term investments 172,500 136,250 Plant assets 356,250 303,125 Accumulated depreciation (62,500 ) (65,000 ) Total $853,125 $643,438 Liabilities and Stockholders’ Equity Accounts payable $ 127,500 $ 84,125 Accrued expenses payable 20,625 26,250 Bonds payable 137,500 182,500 Common stock 275,000 218,750 Retained earnings 292,500 131,813 Total $853,125 $643,438 ODGERS INC. Income Statement Data For the Year Ended December 31, 2014 Sales revenue $485,575 Less: Cost of goods sold $169,325 Operating expenses, excluding depreciation 15,513 Depreciation expense 58,125 Income tax expense 34,100 Interest expense 5,913 Loss on disposal of plant assets 9,375 292,351 Net income $ 193,224 Additional information: 1. New plant assets costing $125,000 were purchased for cash during the year. 2. Old plant assets having an original cost of $71,875 and accumulated depreciation of $60,625 were sold for $1,875 cash. 3. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of $32,537 was declared and paid during the year. 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
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Annual depreciation expense
: A machine cost $300,000, has annual depreciation expense of $60,000, and has accumulated depreciation of $150,000 on December 31, 2017. On April 1, 2018, when the machine has a fair value of $120,000, it is exchanged for a similar machine with a fair..
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Distinguish between managerial and ?nancial accounting
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Determine the net pay and gross pay for the week.
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What is the corporations taxable income
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Prepare a statement of cash flows using the indirect method
: Condensed financial data of Odgers Inc. follow. ODGERS INC. Comparative Balance Sheets December 31 Assets 2014 2013 Cash $ 101,000 $ 60,500 Accounts receivable 109,750 47,500 Inventory 140,625 128,563 Prepaid expenses 35,500 32,500. New plant assets ..
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Calculate the percentage change in operating income
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Regarding overhead costs as volume increases
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Equal partners in family partnership
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The effective-interest method is used
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