E18-10B Place 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. Cash Receivables (net) Inventory Accounts payable Notes payable Common stock, $100 par Retained earnings December 31, 2017 $ 30,000 72,500 220,000 50,000 30,000 400,000 113,000 December 31, 2016 $ 10,000 126,000 180,000 90,000 60,000 400,000 101,000 Additional information: 1. The inventory turnover is 4.0 times. 2. The return on common stockholders' equity is 20%. The company had no additional paid-in capital. 3. The accounts receivable turnover is 9.0 times. 4. The return on assets is 15%. 5. Total assets at December 31, 2016, were $650,000. Instructions Compute the following for Place 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. E18-10B Place 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. Cash Receivables (net) Inventory Accounts payable Notes payable Common stock, $100 par Retained earnings December 31, 2017 $ 30,000 72,500 220,000 50,000 30,000 400,000 113,000 December 31, 2016 $ 10,000 126,000 180,000 90,000 60,000 400,000 101,000 Additional information: 1. The inventory turnover is 4.0 times. 2. The return on common stockholders' equity is 20%. The company had no additional paid-in capital. 3. The accounts receivable turnover is 9.0 times. 4. The return on assets is 15%. 5. Total assets at December 31, 2016, were $650,000. Instructions Compute the following for Place 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