Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can you explain how to find the correct answers with solutions? Sinclair Corporation experienced a fire on December 31, 2019, in which its financial records

image text in transcribedCan you explain how to find the correct answers with solutions?

Sinclair Corporation experienced a fire on December 31, 2019, 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, 2019 December 31, 2018 Cash P30,000 P10,000 Receivables (net) 84,000 126,000 Inventory 200,000 180,000 Accounts payable 50,000 90,000 Notes payable 30,000 60,000 Common stock, P100 par 400,000 400,000 Retained earnings 130,000 101,000 Additional information: 1. The inventory turnover is 4.5 times 2. The return on common stockholders' equity is 22%. 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 on December 31, 2018, were P585,000. Compute the following for Santo Corporation. (a) Cost of goods sold for 2019. (b) Net sales (credit) for 2019. (c) Net income for 2019. (d) Total assets on December 31, 2019

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Forensic And Investigative Accounting

Authors: D. Larry Crumbley, Lester E. Heitger, G. Stevenson Smith

6th Edition

0808034871, 9780808034872

More Books

Students also viewed these Accounting questions

Question

What is the basis for the tort of defamation?

Answered: 1 week ago