FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Bonita Corporation experienced a fire on December 31, 2022, 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, 2022
December 31, 2021
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.
The return on common stockholders' equity is 30%. The company had no additional capital accounts.
3.
The accounts receivable turnover is 8.7 times.
4.
The return on assets is 12.5%.
5.
Total assets at December 31, 2021, were $612,000.
Compute the following for Bonita Corporation.
(a)
Cost of goods sold for 2022
$
482,300
(b)
Net credit sales for 2022.
$
893925
(c)
Net income for 2022
2$
154050
(d)
Total assets at December 31, 2022
$
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Transcribed Image Text:Bonita Corporation experienced a fire on December 31, 2022, 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, 2022 December 31, 2021 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. The return on common stockholders' equity is 30%. The company had no additional capital accounts. 3. The accounts receivable turnover is 8.7 times. 4. The return on assets is 12.5%. 5. Total assets at December 31, 2021, were $612,000. Compute the following for Bonita Corporation. (a) Cost of goods sold for 2022 $ 482,300 (b) Net credit sales for 2022. $ 893925 (c) Net income for 2022 2$ 154050 (d) Total assets at December 31, 2022 $
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