*Exercise 14-12 Panza Corporation experienced a fire on December 31, 2020, in which its financial records were partially destroyed. It has been able to salva balances. Cash Accounts receivable (net) Inventory Accounts payable Notes payable Common stock, $100 par Retained earnings December 31, 2020 $ 26,000 78,000 194,000 52,500 31,500 388,000 101,000 December 31, 2019 $ 20,000 123,000 185,000 88,500 64,500 388,000 106,000 Additional information: 1. 2. 3. 4. 5. The Inventory turnover is 2.2 times. The return on common stockholders' equity is 29%. The company had no additional paid-in capital. The accounts receivable turnover is 3.4 times. The return on assets is 12.5%. Total assets at December 31, 2019, were $611,000 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, 2020 Type here to search