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NETE CARLATO HINTER VERSION CK Exercise 13-12 Concord Corporation experienced a fire on December 31, 2020, in which its financial records were partially destroyed. It
NETE CARLATO HINTER VERSION CK Exercise 13-12 Concord 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, December 31 2020 2019 Cash $36,300 $19,700 Accounts receivable (net) 80,900 120.900 Inventory 209,700 103,700 Accounts payable 53,700 89,000 Notes payable 33,600 68,000 Common stock, 5100 par 407,000 407,000 Retained earnings 119.600 105,100 Additional information 1. The inventory turnover is 3.7 times 2. The return on common stockholders' equity is 22%. The company had no additional paid in capital 3. The receivables turnover is 12.1 times 4. The return on assets is 17% 5. Total assets at December 31, 2019, were $610,900 Compute the following for Concord Corporation (Round all answers to decimal places, 9. 2.150.) (a) Cost of goods sold for 2020. s (b) Net credit sales for 2020 $ (e) Net Income for 2020. 5 (d) Total assets at December 31, 2020 5
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