Condensed financial data of odgers inc follow

Odgers Inc. - Statement Of Cash Flows

ODGERS INC.
Comparative Balance Sheets
December 31

Assets

2014

2013

Cash

$ 98,576

$ 59,048

Accounts receivable

107,116

46,360

Inventory

137,250

125,477

Prepaid expenses

34,648

31,720

Long-term investments

168,360

132,980

Plant assets

347,700

295,850

Accumulated depreciation

(61,000

)

(63,440

)

Total

$832,650

$627,995

Liabilities and Stockholders’ Equity

Accounts payable

$ 124,440

$ 82,106

Accrued expenses payable

20,130

25,620

Bonds payable

134,200

178,120

Common stock

268,400

213,500

Retained earnings

285,480

128,649

Total

$832,650

$627,995

ODGERS INC.
Income Statement Data
For the Year Ended December 31, 2014

Sales revenue

$473,921

Less:

Cost of goods sold

$165,261

Operating expenses, excluding depreciation

15,140

Depreciation expense

56,730

Income taxes

33,282

Interest expense

5,771

Loss on disposal of plant assets

9,150

285,334

Net income

$ 188,587

Additional information:

1.

New plant assets costing $122,000 were purchased for cash during the year.

2.

Old plant assets having an original cost of $70,150 and accumulated depreciation of $59,170 were sold for $1,830 cash.

3.

Bonds payable matured and were paid off at face value for cash.

4.

A cash dividend of $31,756 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).)

ODGERS INC.
Statement of Cash Flows
For the Year Ended December 31, 2014

Cash Flows from Operating Activities

Cash Receipts from Customers

$

Less: Cash Payments

To Suppliers

$

For Operating Expenses

For Income Taxes

33282

For Interest

5771

Net Cash Provided by Operating Activities

Cash Flows from Investing Activities

Sale of Plant Assets

1830

Purchase of Investments

-35380

Purchase of Plant Assets

-122000

Net Cash used by Investing Activities

-155550

Cash Flows from Financing Activities

Sale of Common Stock

54900

Redemption of Bonds

Payment of Cash Dividends

-31756

Net Cash used by Financing Activities

Net Increase in Cash

Cash at Beginning of Period

59048

Cash at End of Period