ACC-291 Week 5, Problem 12-9A - Problem 12-9A Condensed...

This preview shows page 1 - 3 out of 3 pages.

Problem 12-9A Condensed financial data of Odgers Inc. follow. ODGERS INC. Comparative Balance Sheets December 31 Assets 2014 2013 Cash $ 107,464 $ 64,372 Accounts receivable 116,774 50,540 Inventory 149,625 136,791 Prepaid expenses 37,772 34,580 Long-term investments 183,540 144,970 Plant assets 379,050 322,525 Accumulated depreciation (66,500 ) (69,160 ) Total $907,725 $684,618 Liabilities and Stockholders’ Equity Accounts payable $ 135,660 $ 89,509 Accrued expenses payable 21,945 27,930 Bonds payable 146,300 194,180 Common stock 292,600 232,750 Retained earnings 311,220 140,249 Total $907,725 $684,618 ODGERS INC. Income Statement Data For the Year Ended December 31, 2014 Sales revenue $516,652 Less: Cost of goods sold $180,162 Operating expenses, excluding depreciation 16,505 Depreciation expense 61,845 Income tax expense 36,282 Interest expense 6,291 Loss on disposal of plant assets 9,975 311,060 Net income $ 205,592 Additional information: 1. New plant assets costing $133,000 were purchased for cash during the year. 2. Old plant assets having an original cost of $76,475 and accumulated depreciation of $64,505 were sold for $1,995 cash. 3. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of $34,621 was declared and paid during the year.

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture