Question

Lingenfelter Corporation experienced a fire on December 31, 2017, 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 4.5 times.
2. The return on common stockholders’ equity is 16%. The company had no additional paid-in capital.
3. The accounts receivable turnover is 8.8 times.
4. The return on assets is 12.5%.
5. Total assets at December 31, 2016, were $655,000.

Instructions
Compute the following for Lingenfelter Corporation.
(a) Cost of goods sold for 2017.
(b) Net sales (credit) for 2017.
(c) Net income for 2017.
(d) Total assets at December 31,2017.


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  • CreatedMarch 02, 2015
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