Lingenfelter Corporation experienced a fire on December 31, 2020, in which its financial records were partially destroyed. It has been able to salvage some of the rerecords 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, 2019, were $655,000

Instructions

Compute the following for Lingenfelter Corporaton.

1. Cos of goods sold for 2020.
2. Net sales (credit) for 2020.
3. Net income for 2020.
4. Total assets at December 31, 2020.

Solution