Condensed financial data of Odgers Inc. follow.
|
ODGERS INC.
Comparative Balance Sheets
December 31
|
|
Assets
|
|
2014
|
|
|
2013
|
|
|
Cash
|
|
$ 151,096
|
|
|
$ 90,508
|
|
|
Accounts receivable
|
|
164,186
|
|
|
71,060
|
|
|
Inventory
|
|
210,375
|
|
|
192,330
|
|
|
Prepaid expenses
|
|
53,108
|
|
|
48,620
|
|
|
Long-term investments
|
|
258,060
|
|
|
203,830
|
|
|
Plant assets
|
|
532,950
|
|
|
453,475
|
|
|
Accumulated depreciation
|
|
(93,500
|
)
|
|
(97,240
|
)
|
|
Total
|
|
$1,276,275
|
|
|
$962,583
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity
|
|
|
|
|
|
|
|
Accounts payable
|
|
$ 190,740
|
|
|
$ 125,851
|
|
|
Accrued expenses payable
|
|
30,855
|
|
|
39,270
|
|
|
Bonds payable
|
|
205,700
|
|
|
273,020
|
|
|
Common stock
|
|
411,400
|
|
|
327,250
|
|
|
Retained earnings
|
|
437,580
|
|
|
197,192
|
|
|
Total
|
|
$1,276,275
|
|
|
$962,583
|
|
|
ODGERS INC.
Income Statement Data
For the Year Ended December 31, 2014
|
|
Sales revenue
|
|
|
|
$726,420
|
|
Less:
|
|
|
|
|
|
Cost of goods sold
|
|
$253,310
|
|
|
|
Operating expenses, excluding depreciation
|
|
23,207
|
|
|
|
Depreciation expense
|
|
86,955
|
|
|
|
Income tax expense
|
|
51,014
|
|
|
|
Interest expense
|
|
8,845
|
|
|
|
Loss on disposal of plant assets
|
|
14,025
|
|
437,356
|
|
Net income
|
|
|
|
$ 289,064
|
Additional information:
1. New plant assets costing $187,000 were purchased for cash during the year.
2. Old plant assets having an original cost of $107,525 and accumulated depreciation of $90,695 were sold for $2,805 cash.
3. Bonds payable matured and were paid off at face value for cash.
4. A cash dividend of $48,676 was declared and paid during the year.
Required:
Make a Statement of Cash Flows For the Year Ended December 31, 2014