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