Articulation
The following information is available for Brimley Inc. Note: All inventory is purchased on account, and Accounts Payable relates only to the purchase of inventory.
|
|
Dec 31, 2008 |
Dec 31, 2007 |
|
Accounts receivable |
$ ? |
$50,000 |
|
Inventory |
65,000 |
70,000 |
|
Accounts payable |
47,000 |
40,000 |
|
Sales |
483,000 |
|
|
Cost of goods sold |
? |
|
|
Cash collected from customers |
471,000 |
|
|
Cash paid for inventory |
? |
|
|
Inventory purchased on account |
295,000 |
|
Compute the following for 2008:
1. The ending balance in accounts receivable
2. The amount of cash paid for inventory
3. The amount of cost of goods sold