The answer is not $1188584...

Exercise 18-12 Your answer is partially correct. Try again. 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 December 31, 2019 Cash Accounts receivable (net) Inventory Accounts payable Notes payable Common stock, $100 par Retained earnings $ 31,000 73,500 201,000 51,500 25,000 393,000 100,000 $ 12,000 127,000 174,000 94,500 61,500 393,000 100,500 Additional information: 1. 2. 3. The inventory turnover is 2.4 times. The return on common stockholders' equity is 22%. The company had no additional paid-in capital. The accounts receivable turnover is 8.6 times. The return on assets is 12.5%. Total assets at December 31, 2019, were $620,000 4. 5. Compute the following for Panza Corporation. (a) Cost of goods sold for 2020 450000 (b) Net credit sales for 2020. 862150 (c) Net income for 2020 108515 (d) Total assets at December 31, 2020 1188584 Click if you would like to Show Work for this question: Open Show Work