The income statement of Paxson Company is presented here PAXSON COMPANY Income Statement For the Year Ended November 30, 2014 $7,631,100 Sales revenue Cost of goods sold Beginning inventory $2,219,800 Purchases 4,235,600 6,455,400 Goods available for sale Ending inventory 1,337,800 Total cost of goods sold 5,117,600 2,513,500 Gross profit Operating expenses 431,900 Selling expenses 1,175,500 Administrative expenses 743,600 $1,338,000 Net income Additional information: 1. Accounts receivable decreased $448,700 during the year, and inventory decreased $882,000. 2. Prepaid expenses increased $152,700 during the year. 3. Accounts payable to suppliers of merchandise decreased $352,900 during the year. 4. Accrued expenses payable decreased $109,100 during the year. 5. Administrative expenses include depreciation expense of $160,800