Compute cost of goods sold for 2013

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Reference no: EM131223515

George Bailey Corporation experienced a fire on December 31, 2013, in which its financial records were partially destroyed. It has been able to salvage some of the records and has ascertained the following balances.

	December 31, 2013	December 31, 2012
Cash	$ 30,000	$ 10,000
Receivables (net)	72,500	126,000
Inventory	200,000	180,000
Accounts payable	50,000	90,000
Notes payable	30,000	60,000
Common stock, $100 par	400,000	400,000
Retained earnings	113,500	101,000

Additional information:
1. The inventory turnover is 3.5 times.
2. The return on common stockholders' equity is 24%. The company had no additional paid-in capital.
3. The receivables turnover is 8.8 times.
4. The return on assets is 20%.
5. Total assets at December 31, 2012, were $605,000.

Instructions
Compute the following for George Bailey Corporation.
(a) Cost of goods sold for 2013.

(b) Net sales (credit) for 2013.

(d) Total assets at December 31, 2013.

Reference no: EM131223515

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