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Exercise 14-12 Panza Corporation experienced a fire on December 31, 2020, in which its financial records were partially destroyed. It has been able to salvage
Exercise 14-12 Panza Corporation experienced a fire on December 31, 2020, 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 Accounts receivable (net) Inventory Accounts payable Notes payable Common stock, $100 par Retained earnings December 31, 2020 $ 33,000 75,500 202,000 54,500 32,000 389,000 109,000 December 31, 2019 $ 10,500 127,500 185,000 88,000 58,500 389,000 109,000 Additional information: 1. The inventory turnover is 2.4 times. 2. The return on common stockholders' equity is 23%. The company had no additional paid-in capital. 3. The accounts receivable turnover is 7.7 times. 4. The return on assets is 12.5%. 5. Total assets at December 31, 2019, were $592,000. Compute the following for Panza Corporation. . (a) Cost of goods sold for 2020 S (b) Net credit sales for 2020. S (c) Net income for 2020 $ (d) Total assets at December 31, 2020 $
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