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Acc421 Intermediate Accounting: E23-4 The income statement of Rodriguez Company is shown below

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Acc421 Intermediate Accounting

Week 4 WileyPlus Assignment

 

Exercise 23-4             

The income statement of Rodriguez Company is shown below.

RODRIGUEZ COMPANY

INCOME STATEMENT

FOR THE YEAR ENDED DECEMBER 31, 2012

Sales                6,911,180

Cost of goods sold:

Beginning inventory            1,893,450

Purchases        4,434,650

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

Operating Expenses:

Selling Expenses        456,360

Administrative Expenses    692,960           1,149,320

Net income                  $1,038,920

 

Additional Information:

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.

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