Question: Panza Corporation experienced a fire on December 31, 2017, in which its fi nancial 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 3.8 times.
2. The return on common stockholders' equity is 22%. The company had no additional paid-in capital.
3. The accounts receivable turnover is 11.2 times.
4. The return on assets is 18%.
5. Total assets at December 31, 2016, were $605,000.
Instructions: Compute the following for Panza Corporation.
(a) Cost of goods sold for 2017.
(b) Net credit sales for 2017.
(c) Net income for 2017.
(d) Total assets at December 31, 2017