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The Challenge (8 points) Easi Corporation experienced a fire on December 31, 20x3, 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, 20x3 December 31, 20x2 $ 10,000 $ 30,000 9 72.500 o 200,000. 126,000 180,000 50,000 10,000 30.000 20,000 400,000 101,000 Cash Receivables (net) Inventory Accounts payable Notes payable Common stock, $100 par Retained earnings 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 16% 5. Total assets at December 31, 20x2 were $605,000. Instructions Show all work and place your final answers in the appropriate spots. Compute the following for Easi Corporation: (a) answer (a) Cost of goods sold for 20x3 Work: (b) Net sales for 20x3 Work: 30 000 725000 400,000 113,500 (c) Net income for 20x3 Work: kev-exp (d) Total assets at December 31, 20x3 Work: 30k (b) answer (c) answer (d) answer $102500 80 $302,500 8

The Challenge ( 8 points) Easi Corporation experienced a fire on December 31,203, in which its financial recenede...-re partially destroyed It has been able to salvage some of the recerds and ihach its fing palances. Aquitional information: 1. The inventory tumover is 3.6 times 2. The returm on common stockholders' equity is 22%. The company had no additional paid-in capital 3. The receivables tumover is 9.4 times. 4. The retum on assets is 16% 5. Total assets at December 31,202 were $605,000. Instructions Show all work and place vour final answers in the appropriate spots. Compute the following for Easi Corporation: (a) Cost of goods sold for 203 Work: (a) answer (b) Net sales for 203 Work: 30,000+725000 (c) Net income for 203 Work: kev-exp (c) answer $102500 (b) answer $102500 (d) Total assets at December 31,20x3 Work: (d) answer $302,500

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