Answer Happy

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 December 31, 2022 $ 27,000 74,500 199,000 47,000 27,500 399,000 118,000 December 31, 2021 $ 14,500 125,000 185,00 91,000 57,000 399,000 107,000

Additional information: 1. 2. 3. 4. 5. (a) (b) Compute the following for Waterway Corporation. (c) 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. (d) The return on assets is 12.5%. Total assets at December 31, 2021, were $593,000. Cost of goods sold for 2022 Net credit sales for 2022. Net income for 2022 Total assets at December 31, 2022 $ $ $ $