Bonita 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. December 31, 2022 December 31, 2021 Cash $ 33,500 $ 10,000 Accounts receivable (net) 75,500 130,000 Inventory 194,000 177,000 Accounts payable 51,500 87,000 Notes payable 33,000 58,500 Common stock, $100 par 412,000 412,000 Retained earnings 103,000 100,000 Additional information: 1. The inventory turnover is 2.6 times. 2. The return on common stockholders' equity is 30%. The company had no additional capital accounts. 3. The accounts receivable turnover is 8.7 times. 4. The return on assets is 12.5%. 5. Total assets at December 31, 2021, were $612,000. Compute the following for Bonita Corporation. (a) Cost of goods sold for 2022 24 482,300 (b) Net credit sales for 2022. 24 893925 (c) Net income for 2022 2$ 154050 (d) Total assets at December 31, 2022 2$ The answer to (d) is not 1,232,400

Bonita 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. December 31, 2022 December 31, 2021 Cash $ 33,500 $ 10,000 Accounts receivable (net) 75,500 130,000 Inventory 194,000 177,000 Accounts payable 51,500 87,000 Notes payable 33,000 58,500 Common stock, $100 par 412,000 412,000 Retained earnings 103,000 100,000 Additional information: 1. The inventory turnover is 2.6 times. 2. The return on common stockholders' equity is 30%. The company had no additional capital accounts. 3. The accounts receivable turnover is 8.7 times. 4. The return on assets is 12.5%. 5. Total assets at December 31, 2021, were $612,000. Compute the following for Bonita Corporation. (a) Cost of goods sold for 2022 24 482,300 (b) Net credit sales for 2022. 24 893925 (c) Net income for 2022 2$ 154050 (d) Total assets at December 31, 2022 2$ The answer to (d) is not 1,232,400

Name: Bonita Corporation experienced a fire on December 31, 2022, in which
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Description: Bonita Corporation experienced a fire on December 31, 2022, in which its financial records were partially destroyed. It has been ableto salvage some of the records and has ascertained the following balances.December 31, 2022December 31, 2021Cash$33,

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Bonita Industries’s checkbook balance on December 31, 2020 was $84500. In addition, Bonita held the following items in its safe on December 31.(1) A check for $1880 from Carla Vista Co. received December 30, 2020, which was not included in the checkbook balance.(2) An NSF check from Martinez Corp. in the amount of $3400 that had been deposited at the bank, but was returned for lack of sufficient funds on December 29. The check was to be redeposited on January 3, 2021. The original deposit has been included in the December 31 checkbook balance.(3) Coin and currency on hand amounted to $5650.The proper amount to be reported on Bonita's balance sheet for cash at December 31, 2020 is $81830. $88630. $86900. $85230.
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