Question: Santo Corporation experienced a fire on December 31 2014 in

Santo Corporation experienced a fire on December 31, 2014 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 3.8 times.
2. The return on common stockholders’ equity is 22%. The company had no additional paid-in capital.
3. The accounts receivable turnover is 11.2 times.
4. The return on assets is 18%.
5. Total assets at December 31, 2013, were $605,000.
Compute the following for Santo Corporation.
(a) Cost of goods sold for 2014.
(b) Net credit sales for 2014.
(c) Net income for 2014.
(d) Total assets at December 31,2014.
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  • CreatedApril 07, 2014
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