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Acc421 Intermediate Accounting
Week 4 WileyPlus Assignment
The income statement of Rodriguez Company is shown below.
FOR THE YEAR ENDED DECEMBER 31, 2012
Cost of goods sold:
Beginning inventory 1,893,450
Goods available for sale 6,328,100
Ending inventory 1,605,160
Cost of goods sold 4,722,940
Gross Profit 2,188,240
Income from operations
Selling Expenses 456,360
Administrative Expenses 692,960 1,149,320
Net income $1,038,920
1. Accounts receivable decreased $319,440 during the year.
2. Prepaid expenses increased $179,950 during the year.
3. Accounts payable to suppliers of merchandising decreased $277,850 during the year.
4. Accrued expenses payable decreased $113,460 during the year.
5. Administrative expenses include depreciation expense $62,330.
Prepare the operating activities section of the statement of cash flows using the direct method.