6 Ch 23: Homework Question 10 of 13

Ch 23: Homework Question 10 of 13 The income statement of Ivanhoe Company is shown below. IVANHOE COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31.2020 Sales revenue Cost of goods sold Beginning inventory Purchases Goods available for sale Ending inventory Cost of goods sold Gross profit Operating expenses Selling expenses Administrative expenses Net income Additional information: $1.880.ooo 4.440,000 6,320.000 1,590.000 440.000 690.000 4.730000 2,130.000 1.130000 $1.000.000 Accounts receivable decreased *370.000 Our ing the year. Prepaid increa.ed S I HOOOO during the year