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The income statement of Marin Inc. is presented here. Marin Inc. Income Statement For the Year Ended November 30, 2022 Sales revenue $7,579,100 Cost of
The income statement of Marin Inc. is presented here.
Marin Inc. Income Statement For the Year Ended November 30, 2022 | ||||
---|---|---|---|---|
Sales revenue | $7,579,100 | |||
Cost of goods sold | ||||
Beginning inventory | $1,866,300 | |||
Purchases | 4,483,800 | |||
Goods available for sale | 6,350,100 | |||
Ending inventory | 1,573,100 | |||
Total cost of goods sold | 4,777,000 | |||
Gross profit | 2,802,100 | |||
Operating expenses | ||||
Selling expenses | 446,400 | |||
Administrative expenses | 690,100 | 1,136,500 | ||
Net income | $1,665,600 |
Additional information:
1. | Accounts receivable decreased $ 372,700 during the year, and inventory decreased $ 293,200. | |
2. | Prepaid expenses increased $ 148,500 during the year. | |
3. | Accounts payable to suppliers of merchandise decreased $ 346,700 during the year. | |
4. | Accrued expenses payable decreased $ 98,900 during the year. | |
5. | Administrative expenses include depreciation expense of $ 109,200. |
the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Marin Inc. Partial Statement of Cash Flows $ Adjustments to reconcile net income to $ $
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