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Lily Corporation experienced a fire on December 31, 2022, in which its financial records were partially destroyed. It has been able to salvage some
Lily 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 $35,000 $17,500 Accounts receivable (net) 72,500 128,500 Inventory 197,000 180,000 Accounts payable 50,000 92,000 Notes payable 29,500 61,500 Common stock, $100 par 390,000 390,000 Retained earnings 101,000 109,000 Additional information: 1. The inventory turnover is 2.3 times. 2. The return on common stockholders' equity is 20%. The company had no additional capital accounts. 3. The accounts receivable turnover is 8.2 times. 4. The return on assets is 12.5% 5. Total assets at December 31, 2021, were $599,000. 2. The return on common stockholders' equity is 20%. The company had no additional capital accounts 3. The accounts receivable turnover is 8.2 times. 4. The return on assets is 12.5% 5. Total assets at December 31, 2021, were $599,000. Compute the following for Lily Corporation. (a) Cost of goods sold for 2022 433550 (b) Net credit sales for 2022. $ 824100 (c) Net income for 2022 $ (d) Total assets at December 31, 2022 $
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