- Waterway Corporation Experienced A Fire On December 31 2022 In Which Its Financial Records Were Partially Destroyed I 1 (68.3 KiB) Viewed 33 times
Waterway Corporation experienced a fire on December 31, 2022, in which its financial records were partially destroyed. It has been able to salvage some of the records and has ascertained the following balances. Cash Accounts receivable (net) Inventory Accounts payable Notes payable Common stock, $100 par Retained earnings Additional information: 1. 2. 3. 4. 5. December 31, 2022 $ 27,000 The return on assets is 12.5%. 74,500 199,000 47,000 27,500 399,000 118,000 December 31, 2021 $ 14,500 125,000 185,000 Total assets at December 31, 2021, were $593,000. 91,000 57,000 399,000 The inventory turnover is 3.8 times. The return on common stockholders' equity is 26%. The
company had no additional capital accounts. The accounts receivable turnover is 8.7 times. 107,000
Compute the following for Waterway Corporation. (a) (b) (c) Cost of goods sold for 2022 Net credit sales for 2022. Net income for 2022 (d) Total assets at December 31, 2022 $ $ $ LA