Raees Corporation experienced a fire on December 31, 2018, in which its financial record were partially destroyed. It has been able to salvage some of the records and has ascertained the following balances. December 31, 2018- December 31, 2017 Cash Rs. 30,000 - Rs. 10,000 Receivables (net) 73,000 -126,000 Inventory 200,000 - 180,000 Account Payable 50,000 - 90,000 Note Payable 30,000 - 60,000 Common Stock Rs. 100 Par 400,000- 400,000 Retained Earning 134,000 - 122,000 Additional Information: (1)The inventory turnover is 3.4 times (2)The return on common stockholder equity is 25%. (3)The receivables turnover is 8.8 times (4)The return on assets is 20% (5)Total assets at December 31, 2017 were Rs. 650,000 Required:Computer the following for Raaess Corporation (a) Cost of Goods Sold for 2018 (b)Net Sales (Credit) for 2018 (c) Net Income for 2018 (d) Total Assets at December 31, 2018
Raees Corporation experienced a fire on December 31, 2018, in which its financial record were partially destroyed. It has been able to salvage some of the records and has ascertained the following balances.
December 31, 2018- December 31, 2017
Cash Rs. 30,000 - Rs. 10,000
Receivables (net) 73,000 -126,000
Inventory 200,000 - 180,000
Account Payable 50,000 - 90,000
Note Payable 30,000 - 60,000
Common Stock Rs. 100 Par 400,000- 400,000
Additional Information:
(1)The inventory turnover is 3.4 times (2)The return on common
(3)The receivables turnover is 8.8 times (4)The return on assets is 20%
(5)Total assets at December 31, 2017 were Rs. 650,000
Required:Computer the following for Raaess Corporation
(a) Cost of Goods Sold for 2018 (b)Net Sales (Credit) for 2018
(c) Net Income for 2018 (d) Total Assets at December 31, 2018
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