The income statement of Vince Gill Company is shown below. VINCE GILL COMPANY IN
ID: 2455643 • Letter: T
Question
The income statement of Vince Gill Company is shown below.
VINCE GILL COMPANY
INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER 31, 2014
$6,997,740
$1,893,110
4,425,780
6,318,890
1,609,480
4,709,410
2,288,330
445,460
707,620
1,153,080
$1,135,250
Additional information:
Prepare the operating activities section of the statement of cash flows using the direct method.
VINCE GILL COMPANY
INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER 31, 2014
$6,997,740
Cost of goods sold Beginning inventory$1,893,110
Purchases4,425,780
Goods available for sale6,318,890
Ending inventory1,609,480
Cost of goods sold4,709,410
Gross profit2,288,330
Operating expenses Selling expenses445,460
Administrative expenses707,620
1,153,080
Net income$1,135,250
Explanation / Answer
The income statement of Vince Gill Company is shown below. VINCE GILL COMPANY IN
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