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The income statement of Rodriquez Company is shown below.

Resolved Question:

The income statement of Rodriquez Company is shown below.


RODRIQUEZ COMPANY
Income Statement
For the Year Ended December 31, 2010

Sales $6,900,000
Cost of goods sold
Beginning inventory 1,900,000
Purchases
4,400,000


Goods available for sale 6,300,000
Ending inventory
1,600,000


Cost of goods sold
4,700,000

Gross profit 2,200,000
Operating expenses
Selling expenses 450,000
Administrative expenses
700,000

1,150,000

Net income
$1,050,000


Additional information:

Accounts receivable decreased $310,000 during the year.
Prepaid expenses increased $170,000 during the year.
Accounts payable to suppliers of merchandise decreased $275,000 during the year.
Accrued expenses payable decreased $120,000 during the year.
Administrative expenses include depreciation expense of $60,000.
Instructions

Complete the operating activities section of the statement of cash flows for the year ended December 31, 2010, for Rodriquez Company, using the direct method.
Submitted: 4 years ago.
Category: Single Problem
Expert:  KellyV2012 replied 4 years ago.

KellyV2012 :

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Expert:  Neo replied 4 years ago.
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Neo, Bachelor's Degree
Category: Single Problem
Satisfied Customers: 12101
Experience: BS Accounting
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