Amount Descriptions:

Amortization of patent

Decrease in accounts payable

Decrease in accounts receivable

Decrease in inventory

Decrease in prepaid insurance

Decrease in wages payable

Depreciation expense

Increase in accounts payable

Increase in accounts receivable

Increase in inventory

Increase in prepaid insurance

Increase in wages payable

Less cost of goods sold

Net cash from operating activities

Net income

Net loss

Piura Merchandising Corporation Income Statement At December 31, 2015 S 1,500,000 Sales Less: Cost of goods sold 400,000 Beginning inventory 800,000 Purchases (200,000) Ending inventory (1,000,000) Less: Depreciation expense 00,000 Less: Amortization of patent (20,000) Less: Wages expense (80,000) Less: Insurance expense (40.000)