Garcia Corporation experienced a fire on December 31, 2010, in which its financial records were partially destroyed. It has been able to salvage some of the records and has ascertained the following balances.

Additional information:
1. The inventory turnover is 4.4 times.
2. The return on common stockholders' equity is 18%. The company had no additional paid-in capital.
3. The receivables turnover is 11.2 times.
4. The return on assets is 16%.
5. Total assets at December 31, 2009, were $605,000.
Instructions
Compute the following for Garcia Corporation.
(a) Cost of goods sold for 2010.
(b) Net credit sales for 2010.
(c) Net income for 2010.
(d) Total assets at December 31,2010.

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Cash Receivables (net) Inventory Accounts payable Notes pay Common stock, $100 par Retained earnings December 31, 2010 30,000 72,500 200,000 50,000 30,000 400,000 113,500 December 31, 2009 10,000 126,000 180,000 10,000 20,000 400,000 101,000 able