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please help and show work Exercise 18-12 Panza Corporation experienced a fire on December 31, 2020, in which its financial records were partially destroyed. It
please help and show work
Exercise 18-12 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, 2020 Cash Accounts receivable (net) Inventory Accounts payable Notes payable Common stock, $100 par Retained earnings $ 25,000 70,000 190,000 45,000 25,000 380,000 100,000 December 31, 2019 $ 10,000 120,000 170,000 85,000 55,000 380,000 100,000 Additional information: 1. 2. 3. 4. 5. The inventory turnover is 2.0 times. The return on common stockholders' equity is 20%. The company had no additional paid-in capital. The accounts receivable turnover is 7.0 times. The return on assets is 12.5%. Total assets at December 31, 2019, were $590,000. Compute the following for Panza Corporation. (a) Cost of goods sold for 2020 (b) Net credit sales for 2020. (c) Net income for 2020 (d) Total assets at December 31, 2020Step by Step Solution
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