A1 Consulting Corporation experienced a fire on December 31, 2025, 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, 2025 December 31, 2024 Cash $40,000 $15,000 Accounts receivable (net) 84,000 126,000 Inventory 200,000 180,000 Accounts payable 50,000 10,000 Notes payable 30,000 20,000 Common stock, $100 par 400,000 400,000 Retained earnings 170,000 101,000 Additional information: 1 The inventory turnover is 4.2 times. 2. The return on common stockholders' equity is 14%. The company had no additional paid-in-capital. 3. The accounts receivable turnover is 10.2 times. 4. The return on assets is 12.5%. 5. Total assets, Dec. 31, 2024 - $604,750. Compute the following values for 2025: (a) Cost of goods sold $ (b) Net credit sales (c) Net income $ $ 6A (d) Total assets $
A1 Consulting Corporation experienced a fire on December 31, 2025, 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, 2025 December 31, 2024 Cash $40,000 $15,000 Accounts receivable (net) 84,000 126,000 Inventory 200,000 180,000 Accounts payable 50,000 10,000 Notes payable 30,000 20,000 Common stock, $100 par 400,000 400,000 Retained earnings 170,000 101,000 Additional information: 1 The inventory turnover is 4.2 times. 2. The return on common stockholders' equity is 14%. The company had no additional paid-in-capital. 3. The accounts receivable turnover is 10.2 times. 4. The return on assets is 12.5%. 5. Total assets, Dec. 31, 2024 - $604,750. Compute the following values for 2025: (a) Cost of goods sold $ (b) Net credit sales (c) Net income $ $ 6A (d) Total assets $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:A1 Consulting Corporation experienced a fire on December 31, 2025, 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, 2025
December 31, 2024
Cash
$40,000
$15,000
Accounts receivable (net)
84,000
126,000
Inventory
200,000
180,000
Accounts payable
50,000
10,000
Notes payable
30,000
20,000
Common stock, $100 par
400,000
400,000
Retained earnings
170,000
101,000
Additional information:
1
The inventory turnover is 4.2 times.
2.
The return on common stockholders' equity is 14%. The company had no additional paid-in-capital.
3.
The accounts receivable turnover is 10.2 times.
4.
The return on assets is 12.5%.
5.
Total assets, Dec. 31, 2024 - $604,750.
Compute the following values for 2025:
(a) Cost of goods sold $
(b) Net credit sales
(c) Net income
$
$
6A
(d) Total assets
$
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education