29 Jun Question Problem 1 The income statement of Rodriqu
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.
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