Finance

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. Dec. 31, 2017 Cash Accounts receivable (net) Inventory Accounts payable Notes payable Common stock, $100 par Retained earnings Additional information: $ 30,000 72,500 200,000 50,000 30,000 400,000 113,500 1. The inventory turnover is 4.5 times. Dec. 31, 2016 $ 10,000 126,000 180,000 90,000 60,000 400,000 101,000 2. The return on common stockholders’ equity is 16%. The company had no additional paid-in capital. 3. The accounts receivable turnover is 8.8 times. 4. The return on assets is 12.5%. 5. Total assets at December 31, 2016, were $655,000.

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Compute the following for Lingenfelter Corporation.

a) Cost of goods sold for 2017.

b) Net sales (credit) for 2017.

c) Net income for 2017.

d) Total assets at December 31, 2017.

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