Exercise 13-12

Panza 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.

		December 31, 2017		December 31, 2016
Cash		$ 30,000		$ 10,000
Accounts receivable (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 3.8 times.
2.		The return on common stockholders equity is 22%. The company had no additional paid-in capital.
3.		The receivables turnover is 11.2 times.
4.		The return on assets is 18%.
5.		Total assets at December 31, 2016, were $605,000.

Compute the following for Panza Corporation. (Round all answers to 0 decimal place, e.g. 2,150.)

(a)		Cost of goods sold for 2017.		$
(b)		Net credit sales for 2017.		$
(c)		Net income for 2017.		$
(d)		Total assets at December 31, 2017.		$