Summarized versions of the Gonzales Corporation's financial statements, with certain amounts omitted, are given for its past two fiscal years. Amounts are in thousands.
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Part 1
Requirement 1. Determine the missing amounts denoted by the letters.
Calculate the missing amounts. When calculating the answers, you may need to solve for a missing value farther down the statement and work backward. (Enter amounts in thousands as provided to you in the problem statement. Use parentheses or a minus sign for a net decrease in cash.)
Current Year
Prior Year
Statement of Income
Revenues
16800
$16,000
Cost of goods sold
11,500
11100
Other expenses
1,300
1,200
Earnings before income taxes
4,000
3,700
Income taxes (35% tax rate)
1400
1,300
Net earnings