ODGERS INC. Comparative Balance Sheets December 31

Assets

2014

2013

Cash

$ 142,208

$ 85,184

Accounts receivable

154,528

66,880

Inventory

198,000

181,016

Prepaid expenses

49,984

45,760

Long-term investments

242,880

191,840

Plant assets

501,600

426,800

Accumulated depreciation

(88,000)

(91,520)

Total

$1,201,200

$905,960

Liabilities and Stockholders' Equity

Accounts payable

$ 179,520

$ 118,448

Accrued expenses payable

29,040

36,960

Bonds payable

193,600

256,960

Common stock

387,200

308,000

Retained earnings

411,840

185,592

Total

$1,201,200

$905,960

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

Sales revenue

$683,690

Less:

     Cost of goods sold

$238,410

     Operating expenses, excluding depreciation

21,842

     Depreciation expense

81,840

     Income taxes

48,013

     Interest expense

8,325

     Loss on disposal of plant assets

13,200

411,630

Net income

$ 272,060

1.

New plant assets costing $176,000 were purchased for cash during the year.

2.

Old plant assets having an original cost of $101,200 and accumulated depreciation of $85,360 were sold for $2,640 cash.

3.

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

4.

A cash dividend of $45,812 was declared and paid during the year.