The income statement of Swifty Company is presented here Sales revenue Cost of goods sold Beginning inventory Purchases Goods available for sale Ending inventory Total cost of goods sold Cross profit Operating expenses Selling expenses Administrative expenses Net income Additional information 1 SWIFTY COMPANY Income Statement For the Year Ended November 30, 2022 2 3 4 5 $1,920,000 4.485.300 6,405,300 1,614,800 450.000 631.100 $7,407,400 4,790,500 2616,900 1,081,100 $1.535.800 Accounts receivable decreased $378.900 during the year, and inventory decreased $305.200 Prepaid expenses increased $183.800 during the year. Accounts payable to suppliers of inventory decreased $338,400 during the year Accrued expenses payable decreased $106.900 during the year. Administrative expenses include depreciation expense of $87.600.

The income statement of Swifty Company is presented here Sales revenue Cost of goods sold Beginning inventory Purchases Goods available for sale Ending inventory Total cost of goods sold Cross profit Operating expenses Selling expenses Administrative expenses Net income Additional information 1 SWIFTY COMPANY Income Statement For the Year Ended November 30, 2022 2 3 4 5 $1,920,000 4.485.300 6,405,300 1,614,800 450.000 631.100 $7,407,400 4,790,500 2616,900 1,081,100 $1.535.800 Accounts receivable decreased $378.900 during the year, and inventory decreased $305.200 Prepaid expenses increased $183.800 during the year. Accounts payable to suppliers of inventory decreased $338,400 during the year Accrued expenses payable decreased $106.900 during the year. Administrative expenses include depreciation expense of $87.600.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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