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George Bailey Corporation experienced a fire on December 31, 2013, in which its financial records… 1 answer below » George Bailey Corporation experienced a fire on December 31, 2013, 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, 2013 December 31, 2012 Cash $ 30,000 $ 10,000 Receivables (net) 72,500 126,000 Inventory 200,000 180,000 Accounts payable 50,000 90,000 Notes payable 30,000 60,000 Common stock, $100 par 400,000 400,000 Retained earnings 113,500 101,000 Additional information: 1. The View complete question » George Bailey Corporation experienced a fire on December 31, 2013, 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, 2013 December 31, 2012 Cash $ 30,000 $ 10,000 Receivables (net) 72,500 126,000 Inventory 200,000 180,000 Accounts payable 50,000 90,000 Notes payable 30,000 60,000 Common stock, $100 par 400,000 400,000 Retained earnings 113,500 101,000 Additional information: 1. The inventory turnover is 3.5 times. 2. The return on common stockholders’ equity is 24%. The company had no additional paid-in capital. 3. The receivables turnover is 8.8 times. 4. The return on assets is 20%. 5. Total assets at December 31, 2012, were $605,000. Instructions Compute the following for George Bailey Corporation. (a) Cost of goods sold for 2013. (b) Net sales (credit) for 2013. (c) Net income for 2013. (d) Total assets at December 31, 2013. View less » Aug 19 2015 03:49 PM
