The following data pertains to greenwold manufacturing. total assets at january 1, 20x9, were $290,000; at december 31, 20x9, total assets were $334,000. during 20x9, sales were $995,000; cash dividends declared were $10,000; and operating expenses (exclusive of cost of goods sold) were $545,000. total liabilities at december 31, 20x9, were $128,000; at january 1, 20x9, total liabilities were $105,000. there was no additional paid-in capital during 20x9. what was cost of goods sold for 20x9?

The cost of goods sold for 20X9 is $964000.

Explanation:

stock holders equity at the beginning = Asset - liability

                                                               = $290,000 - $105,000

                                                               = $185000

stock holders equity at the end = Asset - liability

                                                     = $334,000 - $128,000

                                                     = $206000

Net income = Stock holders at the end - stock holders equity at the beginning + Dividends

                    = $206000 - $185000 + $10,000

                    = $31000

cost of goods sold = sales - Net income

                               = $995,000 - $31000

                               = $964000

Therefore, the cost of goods sold for 20X9 is $964000.

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