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Accounting
Requirements: Compute the following: 1. Cost of goods sold for 2023 2. Net income for 2023 3. Total assets as at December 31, 2023

Requirements: Compute the following: 1. Cost of goods sold for 2023 2. Net income for 2023 3. Total assets as at December 31, 2023

FINANCIAL ACCOUNTING
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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PROBLEM NO. 6. Shaker Corporation experienced a fire on December 31, 2023, 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, 2023 December 31, 2022 Cash Receivables (net) Inventory Accounts payable Notes payable Common stock, P100 par Retained earnings P 300,000 720,500 2,000,000 500,000 300,000 Requirements: Compute the following: 1. Cost of goods sold for 2023 2. Net income for 2023 3. Total assets as at December 31, 2023 4,000,000 1,135,000 P100,000 1,260,000 1,800,000 900,000 600,000 4,000,000 1,010,000 Additional information: 1. The inventory turnover is 3.6 times 2. The return on common stockholders' equity is 22%. The company had no additional paid in capital. 3. The receivables turnover is 9.4 times 4. The return on assets is 20% 5. Total assets as at December 31, 2022, were P6,050,000.
Transcribed Image Text:PROBLEM NO. 6. Shaker Corporation experienced a fire on December 31, 2023, 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, 2023 December 31, 2022 Cash Receivables (net) Inventory Accounts payable Notes payable Common stock, P100 par Retained earnings P 300,000 720,500 2,000,000 500,000 300,000 Requirements: Compute the following: 1. Cost of goods sold for 2023 2. Net income for 2023 3. Total assets as at December 31, 2023 4,000,000 1,135,000 P100,000 1,260,000 1,800,000 900,000 600,000 4,000,000 1,010,000 Additional information: 1. The inventory turnover is 3.6 times 2. The return on common stockholders' equity is 22%. The company had no additional paid in capital. 3. The receivables turnover is 9.4 times 4. The return on assets is 20% 5. Total assets as at December 31, 2022, were P6,050,000.
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