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 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

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 11PB: On May 1, 2015, Zoe Inc. purchased Branta Corp. for $15,000,000 in cash. They only received...

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