VINCE GILL COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2014 $6,910,

Question

VINCE GILL COMPANY
INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER 31, 2014

$6,910,000

$1,892,680

4,436,350

6,329,030

1,601,940

4,727,090

2,182,910

449,970

698,740

1,148,710

$1,034,200

Additional information:

Administrative expenses include depreciation expense of $51,340.

VINCE GILL COMPANY
INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER 31, 2014

Sales revenue

$6,910,000

Cost of goods sold    Beginning inventory

$1,892,680

   Purchases

4,436,350

   Goods available for sale

6,329,030

   Ending inventory

1,601,940

   Cost of goods sold

4,727,090

Gross profit

2,182,910

Operating expenses    Selling expenses

449,970

   Administrative expenses

698,740

1,148,710

Net income

$1,034,200

Explanation / Answer

Statement of Cash Flow Particulars Amount Total Amount Income       1,034,200.00 Depreciation             51,340.00 Decrease in AR          318,110.00 Increase in prepaid expenses        (164,490.00) Decrease in AP        (268,460.00) Decrease in Accrued expenses        (126,920.00) Cash flow from operating activities                     843,780.00

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