VINCE GILL COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Sales revenue $6,900,000 Cost of goods sold Beginning inventory Purchases $1,900,000 4,400,000 Goods available for sale 6,300,000 1,600,000 Ending inventory Cost of goods sold Gross profit Operating expenses Selling expenses Administrative expenses 4,700,000 2,200,000 450,000 700,000 1,150,000 Net income $1,050,000
(Preparation of Operating Activities Section—Indirect Method, Periodic Inventory) The income statement of Vince Gill Company is shown below.
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Additional information:
1.
2. Prepaid expenses increased $170,000 during the year.
3. Accounts payable to suppliers of merchandise decreased $275,000 during the year.
4. Accrued expenses payable decreased $100,000 during the year.
5. Administrative expenses include
Instructions
Prepare the operating activities section of the statement of
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