Exercise 18-12 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. December December 31, 2020 31, 2019 Cash $ 31,000 $ 12,000 Accounts receivable (net) 73,500 127.000 Inventory 201,000 174,000 Accounts payable 51,500 94,500 Notes payable 25,000 61,500 Common stock, $100 par 393,000 393,000 Retained earnings 100,000 100,500 Additional information: 1. 2. 3. The inventory turnover is 2.4 times. The return on common stockholders' equity is 22%. The company had no additional paid-in capital. The accounts receivable turnover is 8.5 times. The return on assets is 12.5% Total assets at December 31, 2019, were $620,000. 4. 5. Compute the following for Panza Corporation. (a) Cost of goods sold for 2020 $ (b) Net credit sales for 2020. $ (c) Net income for 2020 $ (d) Total assets at December 31, 2020 Click if you would like to Show Work for this question: Open Show Work