Santo Corporation Experienced a Fire on December 31, 2014, in Which

question 65

Essay

Santo Corporation experienced a fire on December 31, 2014, in which its financial records were partially destroyed. It has been able to salvage some of the records and has ascertained the following balances. Additional information:
1. The inventory turnover is 5 times
2. The return on ordinary shareholders' equity is 18%. The company had no share premium.
3. The accounts receivable turnover is 9.4 times.
4. The return on assets is 16%.
5. Total assets at December 31, 2013, were $585,000.
Instructions
Compute the following for Santo Corporation.
(a) Cost of goods sold for 2014.
(b) Net sales (credit) for 2014.
(c) Net income for 2014.
(d) Total assets at December 31, 2014.

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Definitions:

Bureaucratic

Relating to or characteristic of a bureaucracy, often implying a complex system of administration marked by officialism, hierarchy, and inflexibility.

Voluntary Part-time Workers

Individuals who choose to work hours less than the standard full-time work schedule, not due to economic necessity but personal choice.

Official Statistics

Quantitative data and information collected and published by governmental agencies or institutions for economic, demographic, and social analysis.

Child-care

The care and supervision of a child or children, typically from infancy to age thirteen, which includes educational, entertainment, and nutritional components.