Question
Lingenfelter Corporation experienced a fire on December 31, 2017, in which its financial records were partially destroyed. It has been able to salvage some of
Lingenfelter Corporation 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$ 30,000$ 16,000
Accounts receivable (net)74,500130,000
Inventory195,000176,000
Accounts payable45,00091,000
Notes payable28,00061,000
Common stock, $100 par401,000401,000
Retained earnings120,000106,500
Additional information:
1.The inventory turnover is 3.0 times.
2.The return on common stockholders equity is 29%. The company had no additional paid-in capital.
3.The accounts receivable turnover is 7.7 times.
4.The return on assets is 12.5%.
5.Total assets at December 31, 2016, were $598,000.
Compute the following for Lingenfelter Corporation. (Round answers to 0 decimal places, e.g. 5,275.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started