Concord Corporation experienced a fire on December 31, 2017, in
which its financial records were partially destroyed. It has been
able to salvage some of the records and has ascertained the
following balances.
December 31, 2017 |
December 31, 2016 |
|||
Cash | $ 36,300 | $ 19,700 | ||
Accounts receivable (net) | 80,900 | 128,900 | ||
Inventory | 209,700 | 183,700 | ||
Accounts payable | 53,700 | 89,800 | ||
Notes payable | 33,600 | 68,000 | ||
Common stock, $100 par | 407,000 | 407,000 | ||
Retained earnings | 119,600 | 105,100 |
Additional information:
1. | The inventory turnover is 3.7 times. | |
2. | The return on common stockholders’ equity is 22%. The company had no additional paid-in capital. | |
3. | The accounts receivable turnover is 12.1 times. | |
4. | The return on assets is 17%. | |
5. | Total assets at December 31, 2016, were $610,900. |
Compute the following for Concord Corporation. (Round
all answers to 0 decimal place, e.g.
2,150.)
(a) | Cost of goods sold for 2017. | $
|
||
(b) | Net credit sales for 2017. | $
|
||
(c) | Net income for 2017. | $
|
||
(d) | Total assets at December 31, 2017. | $
|
(a) Cost of goods sold for 2017
Inventory turnover ratio= Cost of goods sold/(beginning inventory + ending inventory)/2
3.7 = Cost of goods sold/(209700+183700)/2
Cost of goods sold $ 727,790
(b) Net sales (credit) for 2017
Accounts receivable turnover= Net sales(credit)/ (beginning accounts receivable+ ending accounts receivable)/2
12.1 =Net sales(credit) / (80900 + 128900)/2
Net sales(credit) = $1269290
(c) Net income for 2017
Return on common stockholders’ equity= Net income/average common stockholders’ equity
0.22 = Net income/(407000+407000+119600+105100)/2
Net income = $114257
(d) Total assets at December 31, 2017
Return on assets= Net income/(beginning total assets + ending total assets)/2
0.17 = 114257 / (610900 + ending total assets)/2
Total assets at December 31,2017 =$33300
Concord Corporation experienced a fire on December 31, 2017, in which its financial records were partially destroyed. It...
Lingenfelter Corporation experienced a fire on December 31,
2017, in which its financial records were partially destroyed. It
has been able to salvage some of the records and has ascertained
the following balances.
December 31, 2017
December 31, 2016
Cash
$ 30,000
$ 16,000
Accounts receivable (net)
74,500
130,000
Inventory
195,000
176,000
Accounts payable
45,000
91,000
Notes payable
28,000
61,000
Common stock, $100 par
401,000
401,000
Retained earnings
120,000
106,500
Additional information:
1.
The inventory turnover is 3.0 times.
2....
Lingenfelter Corporation experienced a fire on December 31, 2017, in which its financial records were partially destroyed. It has been able to salvage some of the records and has ascertained the following balances. December 31, 2017 December 31, 2016 Cash $ 27,000 $ 14,500 Accounts receivable (net) 74,500 125,000 Inventory 199,000 185,000 Accounts payable 47,000 91,000 Notes payable 27,500 57,000 Common stock, $100 par 399,000 399,000 Retained earnings 118,000 107,000 Additional information: 1. The inventory turnover is 3.8 times. 2....
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Exercise 14-10 Lingenfelter Corporation experienced a fire on December 31, 2017, in which its financial records were partially destroyed. It has been able to salvage some of the records and has ascertained the following balances. December 31, 2017 December 31, 2016 Cash $ 25,000 $ 11,000 Accounts receivable (net) 79,500 127,500 Inventory 194,000 171,000 Accounts payable 53,500 88,000 Notes payable 30,000 61,000 Common stock, $100 par 392,000 392,000 Retained earnings 120,000 109,000 Additional information: 1. The inventory turnover is 2.7...
Panza Corporation experienced a fire on December 31, 2020, in which its financial records were partially destroyed. It has been able to salvage some of the records and has ascertained the following balances. December 31, 2020 December 31, 2019 Cash $ 33,500 $ 10,000 Accounts receivable (net) 75,500 130,000 Inventory 194,000 177,000 Accounts payable 51,500 87,000 Notes payable 33,000 58,500 Common stock, $100 par 412,000 412,000 Retained earnings 103,000 100,000 Additional information: 1. The inventory turnover is 2.6 times. 2....
Panza Corporation experienced a fire on December 31, 2020, in which its financial records were partially destroyed. It has been able to salvage some of the records and has ascertained the following balances. December 31, 2020 December 31, 2019 Cash Accounts receivable (net) Inventory Accounts payable Notes payable Common stock, $100 par Retained earnings $ 34,000 74,000 202,000 54,000 35,000 402,000 114,000 $ 12,000 128,000 171,000 85,000 59,000 402,000 104,000 Additional information: 1. 2. The inventory turnover is 3.3 times....
Panza Corporation experienced a fire on December 31, 2020, in which its financial records were partially destroyed. It has been able to salvage some of the records and has ascertained the following balances. Cash Accounts receivable (net) Inventory Accounts payable Notes payable Common stock, $100 par Retained earnings December 31, 2020 $ 31,500 80,000 205,000 54,000 33,000 401,000 116,000 December 31, 2019 $ 11,500 124,000 177,000 94,500 61,000 401,000 105,000 Additional information. Additional information: 1. 2. 3. The inventory turnover...
Panza Corporation experienced a fire on December 31, 2020, in which its financial records were partially destroyed. It has been able to salvage some of the records and has ascertained the following balances. December 31, 2020 December 31, 2019 Cash $ 26,500 $ 11,000 Accounts receivable (net) 77,500 123,500 Inventory 199,000 186,000 Accounts payable 52,000 93,000 Notes payable 28,500 64,000 Common stock, $100 par 388,000 388,000 Retained earnings 111,000 108,500 Additional information: 1. The inventory turnover is 3.7 times. 2....
Your answer is partially correct. Try again. Ungenfelter Corporation experienced a fire on December 31, 2017 in which its financial records were partially destroyed. It has been able to salvage some of the records and has ascertained the following balances. tudy December 31, 2017 Cash $ 33,000 Accounts receivable (net) 75,500 Inventory 202,000 Accounts payable 54,500 Notes payable 32,000 Common stock, $100 par 389,000 Retained earnings 109,000 December 31, 2016 $ 10.500 127,500 185,000 88,000 58.500 389,000 109,000 Additional information:...