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experienced a fire on December 31, 2015, in which its financial records were
partially destroyed. It has been able to salvage some of the records and has
ascertained the following balances.
31, 2015 December 31,
Cash $ 30,000 $ 10,000
Receivables (net) 85,000 125,000
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 130,000 101,000
inventory turnover is 4 times
2. The return on common stockholders’ equity is
20%. The company had no additional paid-in capital.
accounts receivable turnover is 8.6 times.
return on assets is 16%.
assets at December 31, 2014, were $685,000.
following for Lewis Corporation.
(a) Cost of goods sold for 2015.
(b) Net sales (credit) for 2015.
(c) Net income for 2015.
(d) Total assets at December 31, 2015.
fiscal year ending December 31, 2014, Conner Corporation reported the following
before income taxes $1,200,000
tax expense (30% x 950,000) 285,000
before extraordinary items 915,000
loss from flood 250,000
loss is considered an extraordinary item. The income tax rate is 30% on all
correct income statement, beginning with income before income taxes.