Compute the cost of goods sold and net sales

Assignment Help Financial Accounting

Reference no: EM131219633

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. (c) Net income for 2013. (d) Total assets at December 31, 2013.

Reference no: EM131219633

Questions Cloud

Financial reporting-balance sheet and income statement : Explain the concepts of Materiality and Going-Concern. What influence do these concepts have on reporting within financial statements? Provide a brief overview of the following financial statements and include their purpose and importance in financia..

Problem regarding the expectancy theory : According to expectancy theory, what can a manager do to increase an employee's motivation? Does his or her culture make a difference?

Explain the steps you would take in evaluating symptoms : What are the differences and similarities among adjustment disorder, post-traumatic stress disorder (PTSD), and acute stress disorder? What are the essential areas that encompass a thorough mental status examination?

Is the physiological reaction near or far from equilibrium : Compare the values of Q and K'eq. Is the physiological reaction near or far from equilibrium? Explain. What does this experiment suggest about the role of PFK-1 as a regulatory enzyme?

Compute the cost of goods sold and net sales : 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. Compute the following for George B..

Determination of the reduction potentials for this enzyme : You should read through the supplemental article on Isocitrate Dehydrogenase and see the lengths to which one must go in order to determine accurate physical quantities.

Proposition for the future : What specific IT Enablers will help you with your business strategy implementation and thereby realize your value proposition for the future? Example IT Enabler opportunities may include, but are not limited to, the areas of order management, inv..

Perform the mean shift test without bonferroni adjustment : STAT 425 - Fall 2016 Homework. Using the swiss data set, fit a model with Fertility as the response and all of the other variables as predictors. Answer the following. Perform the Mean Shift Test with Bonferroni adjustment, using α = 0.05. Which pro..

Statement concerning accounting standards : Select the incorrect statement concerning accounting standards.

User Account

All Pages