Question
Flounder Corp. experienced a fire on December 31, 2017, in which its financial records were partially destroyed. It has been able to salvage some of
Flounder Corp. 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 $ 32,200 $ 13,000 Accounts receivable (net) 73,100 129,700 Inventory 209,200 185,900 Accounts payable 53,500 96,700 Notes payable 33,800 60,900 Common stock, $100 par 405,900 405,900 Retained earnings 121,200 109,000 Additional information: 1. The inventory turnover is 3.6 times. 2. The return on common stockholders equity is 19%. The company had no additional paid-in capital. 3. The receivables turnover is 12.5 times. 4. The return on assets is 16%. 5. Total assets at December 31, 2016, were $ 607,100. Compute the following for Flounder Corp.. (Round all answers to 0 decimal place, e.g. 2,150.) (a) Cost of goods sold for 2017. $ enter cost of goods sold in dollars for 2017 (b) Net credit sales for 2017. $ enter Net credit sales in dollars for 2017 (c) Net income for 2017. $ enter Net income in dollars for 2017 (d) Total assets at December 31, 2017. $ enter Total assets at December 31 2017 in dollars
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