Accounts receivable, December 31Cost of goods soldAccounts payable, January 1Accounts payable, December 31Finished-goods inventory, December 31Gross marginWork-in-process inventory, January 1Work-in-process inventory, December 31Finished-goods inventory, January 1Direct materials usedDirect manufacturing laborManufacturing overhead costsPurchases of direct materialsRevenuesAccounts receivable, January 1$Case 2Case 1(in thousands)7,000 $4,210A33,0004,3002,5902,4004,050B8,20018,5004,00004,00010,000$5,0007,20014,80046,0003,400с7004,20010,00023,0007,800D14,50054,9002,500 An auditor for the Internal Revenue Service is trying to reconstruct some partially destroyed records of two taxpayers.(Click the icon to view the records.)RequirementFor each of the cases, find the unknowns designated by the letters A and B for Case 1 and C and D for Case 2.Case 1: Find the unknowns designated by the letters A and B.First, solve for A. Cost of goods sold.Gross marginGETTID

Cost of goods sold is actual cost of goods that are being sold to customers. Cost of goods…

Accounts receivable, December 31 Cost of goods sold Accounts payable, January 1 Accounts payable, December 31 Finished-goods inventory, December 31 Gross margin Work-in-process inventory, January 1 Work-in-process inventory, December 31 Finished-goods inventory, January 1 Direct materials used Direct manufacturing labor Manufacturing overhead costs Purchases of direct materials Revenues $ Case 1 Case 2 (in thousands) 7,000 $4,210 A 33,000 4,300 2,590 2,400 4,050 B 8,200 18,500 с 4,000 700 0 4,200 4,000 10,000 10,000 23,000 1,000 7,800 7,200 D 14,800 46,000 14,500 54,900

Accounts receivable, December 31 Cost of goods sold Accounts payable, January 1 Accounts payable, December 31 Finished-goods inventory, December 31 Gross margin Work-in-process inventory, January 1 Work-in-process inventory, December 31 Finished-goods inventory, January 1 Direct materials used Direct manufacturing labor Manufacturing overhead costs Purchases of direct materials Revenues $ Case 1 Case 2 (in thousands) 7,000 $4,210 A 33,000 4,300 2,590 2,400 4,050 B 8,200 18,500 с 4,000 700 0 4,200 4,000 10,000 10,000 23,000 1,000 7,800 7,200 D 14,800 46,000 14,500 54,900

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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AE COM LTD Comparative Balance Sheet December 30, 2018 and 2017 2018 2017 Increase/(Decrease) Assets Cash 110,000 70,000 ? Accounts Receivable 300,000 325,000 ? Supplies 350,000 280,000 ? Prepaid expenses 35,000 28,000 ? Intangible assets 215,000 215,000 ? Equipment, net 1,200,000 980,000 ? Total Assets 2,210,000 1,898,000 Liabilities Accounts payable 250,000 140,000 ? Accrued liabilities 210,000 215,000 ? Income tax payable 78,000 98,500 ? Long-term notes payable 602,000 725,000 ? Stockholders' Equity Common Stock 410,000 330,000 ? Retained earnings 730,000…
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Indicate missing amount for case 1
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