Sheffield 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 Additional information 1 2 1 A 5 (4) Compute the following for Sheffield Corporation (b) (d (d) December 31, 2022 $26.500 77,500 199,000 52.000 28.500 388.000 111.000 The inventory turnover 37 times The return on common stockholders' equity is 26%. The company had no additional capital accounts The accounts receivable turnover is 7.8 times The return on assets is 12.5% Total assets at December 31, 2021, were $591.000 Cost of goods sold for 2022 Net credit sales for 2022 Net income for 2022 Total assets at December 31, 2022 $ 5 December 31, 2021 $11.000 123.500 186,000 93.000 64.000 388.000 108.500 5 12
Sheffield 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 Additional information 1 2 1 A 5 (4) Compute the following for Sheffield Corporation (b) (d (d) December 31, 2022 $26.500 77,500 199,000 52.000 28.500 388.000 111.000 The inventory turnover 37 times The return on common stockholders' equity is 26%. The company had no additional capital accounts The accounts receivable turnover is 7.8 times The return on assets is 12.5% Total assets at December 31, 2021, were $591.000 Cost of goods sold for 2022 Net credit sales for 2022 Net income for 2022 Total assets at December 31, 2022 $ 5 December 31, 2021 $11.000 123.500 186,000 93.000 64.000 388.000 108.500 5 12
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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