ES The income statement of Paxson Company is presented here. PAXSON COMPANY Income Statement For...
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ES The income statement of Paxson Company is presented here. PAXSON COMPANY Income Statement For the Year Ended November 30, 2014 $7,809,000 Sales revenue Cost of goods sold Beginning inventory $2,399,800 4,258,900 6,658,700 Purchases Goods available for sale 1,616,600 Ending inventory Total cost of goods sold Gross profit Operating expenses 5,042,100 2,766,900 469,100 699,600 Selling expenses Administrative expenses Net income 1,168,700 $1,598,200 Additional information: 1. Accounts receivable decreased $435,000 during the year, and inventory decreased $783,200. 2. Prepaid expenses increased $144,700 during the year 3. Accounts payable to suppliers of merchandise decreased $352,800 during the year. 4. Accrued expenses payable decreased $106,100 during the year 5. Administrative expenses include depreciation expense of $150,800. Prepare the operating activities section of the statement of cash flows for the year ended November 30, 2014, fo flow with either a sign e.g. -15,000 or in parenthesis e.g. (15,000).) PAXSON COMPANY
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