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 24 482,300 (b) Net credit sales for 2022. $ 893925 (c) Net income for 2022 154050 (d) Total assets at December 31, 2022 2$ %24 %24

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 24 482,300 (b) Net credit sales for 2022. $ 893925 (c) Net income for 2022 154050 (d) Total assets at December 31, 2022 2$ %24 %24

Name: Bonita Corporation experienced a fire on December 31, 2022, in which
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Description: Bonita Corporation experienced a fire on December 31, 2022, in which its financial records were partially destroyed. It has been ableto salvage some of the records and has ascertained the following balances.December 31, 2022December 31, 2021Cash$ 33

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Depreciation Methods

The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.

Depreciation Accounting

In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.

Topic Video

Question

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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