Reference no: EM133022631
Problem - Pina Colada Corp. experienced a fire on December 31, 2020, in which its financial records were partially destroyed. It has been able to salvage some of the records and has ascertained the following balances.
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December 31, 2020
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December 31, 2019
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Cash
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$33,900
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$15,400
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|
Accounts receivable (net)
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73,500
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126,400
|
|
Dashboard Inventory
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210,800
|
189,200
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|
Accounts payable
|
53,700
|
94,100
|
|
Notes payable
|
35,000
|
60,500
|
|
Common stock, $100 par
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406,900
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406,900
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|
Retained earnings
|
114,000
|
103,700
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Additional information:
1. The inventory turnover is 4.3 times.
2. The return on common stockholders' equity is 19%. The company had no additional paid-in capital.
3. The receivables turnover is 12.1 times.
4. The return on assets is 19%.
5. Total assets at December 31, 2019, were $605,300.
Required - Compute the following for Pina Colada Corp.
(a) Cost of goods sold for 2020.
(b) Net credit sales for 2020.
(c) Net income for 2020.
(d) Total assets at December 31, 2020.