the income statement of rodriquez company 497512
Problem 1
The income statement of Rodriquez Company is shown below.
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RODRIQUEZ COMPANY |
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Sales |
$6,894,600 |
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Cost of goods sold |
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Beginning inventory |
$1,893,870 |
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Purchases |
4,375,530 |
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Goods available for sale |
6,269,400 |
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Ending inventory |
1,608,650 |
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Cost of goods sold |
4,660,750 |
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Gross profit |
2,233,850 |
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Operating expenses |
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Selling expenses |
440,640 |
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Administrative expenses |
703,840 |
1,144,480 |
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Net income |
$1,089,370 |
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Additional information:
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1. |
Accounts receivable decreased $312,690 during the year. |
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2. |
Prepaid expenses increased $178,550 during the year. |
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3. |
Accounts payable to suppliers of merchandise decreased $281,970 during the year. |
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4. |
Accrued expenses payable decreased $124,510 during the year. |
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5. |
Administrative expenses include depreciation expense of $55,760. |
Prepare the operating activities section of the statement of cash flows using the direct method.
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