Question
The income statement of Rodriquez Company is shownbelow.
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RODRIQUEZCOMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2012 |
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Sales |
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|
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$6,954,370 |
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Cost of goodssold |
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|
|
|
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Beginning inventory |
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$1,897,880 |
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|
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Purchases |
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4,419,130 |
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|
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Goods available for sale |
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6,317,010 |
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|
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Ending inventory |
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1,608,870 |
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|
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Cost of goods sold |
|
|
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4,708,140 |
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Grossprofit |
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2,246,230 |
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Operatingexpenses |
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|
|
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Selling expenses |
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444,170 |
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|
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Administrative expenses |
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691,180 |
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1,135,350 |
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Net income |
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|
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$1,110,880 |
Additional information:
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1. |
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Accountsreceivable decreased $315,430 during the year. |
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2. |
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Prepaidexpenses increased $176,350 during the year. |
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3. |
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Accountspayable to suppliers of merchandise decreased $273,190 during theyear. |
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4. |
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Accruedexpenses payable decreased $117,520 during the year. |
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5. |
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Administrativeexpenses include depreciation expense of $63,170. |
Prepare the operating activities section of the statement of cashflows for the year ended December 31, 2012, for Rodriquez Company,using the indirect method.(If an amount reduces the account balance then enter withnegative sign.)
