Rees 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 3.4 times.
2. The return on ordinary shareholders€™ equity is 25%.
3. The accounts receivable turnover is 8.8 times.
4. The return on assets is 20%.
5. Total assets at December 31, 2013, were ‚¬650,000.

Instructions
Compute the following for Rees Corporation.
(a) Cost of goods sold for 2014.
(b) Net sales (credit) for 2014.
(c) Net income for 2014.
(d) Total assets at December 31, 2014.

Transcribed Image Text:

December 31, 2014 December 31, 2013 €200,000 Inventory Accounts receivable (net) Cash Share capital-ordinary, €100 par Retained earnings Accounts payable €180,000 73,000 30,000 400,000 134,000 50,000 30,000 126,000 10,000 400,000 122,000 90,000 Notes payable 60,000