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Panza Corporation experienced a fire on December 31, 2020, in which its financial records were partially destroyed. It has been able to salvage some of
Panza 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 $ 34,000 $ 12,000 Accounts receivable (net) 74.000 128,000 Inventory 202.000 171.000 Accounts payable 54,000 85,000 Notes payable 35,000 59,000 Common stock $100 par 402.000 402,000 Retained earnings 114,000 104,000 Additional information: 1 The inventory turnover is 3.3 times. 2 The return on common stockholders' equity is 28%. The company had no additional pald-in capital 3. The accounts receivable turnover is 7.6 times, 4 The return on assets is 12.5% 5. Total assets at December 31, 2019, were 5619,000, Compute the following for Panza Corporation. (a) (b) Cost of goods sold for 2020 Net credit sales for 2020 Net income for 2020 $ $ ic) Id) Total assets at December 31, 2020 e Textbook and Media
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