4. Sinclair Corporation experienced a fire on December 31, 2019, which its financial records were...
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4. Sinclair Corporation experienced a fire on December 31, 2019, 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, 2019 December 31, 2018 Cash P 30,000 P 10,000 Receivables (net) 84,000 126,000 Inventory 200,000 180,000 Accounts payable 50,000 90,000 Notes payable 30,000 60,000 Common stock, P100 par 400,000 400,000 Retained earnings 130,000 101,000 Additional information: 1. The inventory turnover is 4.5 times 2. The return on common stockholders' equity is 22%. The company had no additional paid-in capital. 3. The receivables turnover is 8.8 times. 4. The return on assets is 20%. 5. Total assets on December 31, 2018, were P585,000. Instructions Compute the following for Santo Corporation. Cost of goods sold for 2019. (b) Net sales (credit) for 2019. Net income for 2019. Total assets on December 31, 2019
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