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I am struggling with (d) total assets at December 31, 2022: I do not know which number to use to get the answer. Thank You
I am struggling with (d) total assets at December 31, 2022: I do not know which number to use to get the answer. Thank You in advance!
Bonita Corporation experienced a fire on December 31, 2022, 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, 2022 December 31, 2021 Cash $33,500 $ 10,000 Accounts receivable (net) 75,500 130,000 Inventory 194,000 177,000 Accounts payable 51,500 87,000 Notes payable 33,000 58.500 Common stock, $100 par 412.000 412,000 Retained earnings 103.000 100,000 Additional information: 1. The inventory turnover is 2.6 times. 2 The return on common stockholders' equity is 30%. The company had no additional capital accounts. 3. The accounts receivable turnover is 8.7 times. 4. The return on assets is 12.5%. 5. Total assets at December 31, 2021, were $612,000. Compute the following for Bonita Corporation. (a) Cost of goods sold for 2022 $ 482,300 (b) Net credit sales for 2022. $ 893925 (c) Net income for 2022 $ 154050 (d) Total assets at December 31, 2022 $Step by Step Solution
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