Sheffield 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 Cash Accounts receivable (net) Inventory Accounts payable Notes payable Common stock, $100 par Retained earnings Additional information 1 2 1 A 5 (4) Compute the following for Sheffield Corporation (b) (d (d) December 31, 2022 $26.500 77,500 199,000 52.000 28.500 388.000 111.000 The inventory turnover 37 times The return on common stockholders' equity is 26%. The company had no additional capital accounts The accounts receivable turnover is 7.8 times The return on assets is 12.5% Total assets at December 31, 2021, were $591.000 Cost of goods sold for 2022 Net credit sales for 2022 Net income for 2022 Total assets at December 31, 2022 $ 5 December 31, 2021 $11.000 123.500 186,000 93.000 64.000 388.000 108.500 5 12

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Question

godo

Subject-Accounting

Sheffield 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.
Cash
Accounts receivable (net)
Inventory
Accounts payable
Notes payable
Common stock $100 par
Retained earnings
Additional information
1
2
3
4
5
(a)
(b)
(c)
Compute the following for Sheffield Corporation
Cost of goods sold for 2022
Net credit sales for 2022
(d)
December 31, 2022
$26.500
77,500
199,000
52.000
28.500
388.000
111.000
Net income for 2022
The return on assets is 12.5%
Total assets at December 31, 2021, were $591.000
The inventory turnover is 37 times
The return on common stockholders' equity is 26% The company had no additional capital accounts
The accounts receivable turnover is 7.8 times
Total assets at December 31, 2022
$
December 31, 2021
S
5
$11.000
123.500
186,000
93,000
64.000
388.000
108.500
Transcribed Image Text:Sheffield 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. Cash Accounts receivable (net) Inventory Accounts payable Notes payable Common stock $100 par Retained earnings Additional information 1 2 3 4 5 (a) (b) (c) Compute the following for Sheffield Corporation Cost of goods sold for 2022 Net credit sales for 2022 (d) December 31, 2022 $26.500 77,500 199,000 52.000 28.500 388.000 111.000 Net income for 2022 The return on assets is 12.5% Total assets at December 31, 2021, were $591.000 The inventory turnover is 37 times The return on common stockholders' equity is 26% The company had no additional capital accounts The accounts receivable turnover is 7.8 times Total assets at December 31, 2022 $ December 31, 2021 S 5 $11.000 123.500 186,000 93,000 64.000 388.000 108.500
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