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The income statement of Wildhorse Company is shown below. WILDHORSE COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Sales revenue $6,910,000 Cost of
The income statement of Wildhorse Company is shown below. WILDHORSE COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Sales revenue $6,910,000 Cost of goods sold Beginning inventory Purchases Goods available for sale Ending inventory Cost of goods sold $1,920,000 4,420,000 6,340,000 1,590,000 4,750,000 2,160,000 Gross profit Operating expenses Selling expenses Administrative expenses 450,000 710,000 1,160,000 $1,000,000 Net income Additional information: 1. Accounts receivable decreased $370,000 during the year. 2. Prepaid expenses increased $170,000 during the year. 3. Accounts payable to suppliers of merchandise decreased $280,000 during the year. 4. Accrued expenses payable decreased $110,000 during the year. 5. Administrative expenses include depreciation expense of $60,000
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