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Lewis Corporation experienced a fire on December 31, 2020, in which its financial records were partially destroyed. It has been able to salvage some of
Lewis 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 31, 2020 December 31, 2019 Cash $ 30,000 $ 10,000 Receivables (net) 85,000 125,000 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 130,000 101,000 Additional information: 1. The inventory turnover is 4 times. 2. The return on common stockholders' equity is 20%. The company had no additional paid-in capital. 3. The accounts receivable turnover is 8.6 times. 4. The return on assets is 16%. 5. Total assets at December 31, 2019, were $685,000. Compute the following for Lewis Corporation. (a) Cost of goods sold for 2020. $ (b) Net sales (credit) for 2020. $ S (c) Net income for 2020. $ (d) Total assets at December 31, 2020. $
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