Rees Corporation experienced a fire on December 31, 2014, 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, 2014 December 31, 2013 Cash $ 30,000 $ 10,000 Accounts receivable (net) 73,000 126,000 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 134,000 122,000 Additional information:

1. The inventory turnover is 3.4 times.

2. The return on common stockholders’ equity is 25%. The company had no additional paid-in capital.

3. The accounts receivable turnover is 8.8 times.

4. The return on assets is 20%.

5. Total assets at December 31, 2013, were $650,000.

Instructions Compute the following for Rees Corporation.

(a) Cost of goods sold for 2014.

(b) Net sales (credit) for 2014.

(c) Net income for 2014.

(d) Total assets at December 31, 2014.