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The income statement of Rodriquez Company




Question;Problem 1;The income statement of Rodriquez Company is shown below.;RODRIQUEZ;COMPANY;INCOME STATEMENT;FOR THE YEAR ENDED DECEMBER 31, 2012;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.


Paper#45246 | Written in 18-Jul-2015

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