Lingenfelter Corporation experienced a fire on December 31, 2015, in which its financial records were partially destroyed.
Question:
Lingenfelter Corporation experienced a fire on December 31, 2015, 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, 2014, were $655,000.
Instructions
Compute the following for Lingenfelter Corporation.
(a) Cost of goods sold for 2015.
(b) Net sales (credit) for 2015.
(c) Net income for 2015.
(d) Total assets at December 31,2015.
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
Step by Step Answer:
Accounting Principles
ISBN: 9781118566671
11th Edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso