+1-415-670-9189
info@expertsmind.com
Compute the following use 365 days a year do not round
Course:- Accounting Basics
Reference No.:- EM13601507




Assignment Help
Assignment Help >> Accounting Basics

Selected year-end financial statements of McCord Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31, 2010, were inventory, $49,900; total assets, $169,400; common stock, $105,000; and retained earnings, $52,748.)

  • McCORD CORPORATION
  • Income Statement
  • For Year Ended December 31, 2011
  • Sales $ 453,600
  • Cost of goods sold 297,550
  • Gross profit 156,050
  • Operating expenses 98,600
  • Interest expense 4,700
  • Income before taxes 52,750
  • Income taxes 21,250
  • Net income $ 31,500

McCORD CORPORATION

  • Balance Sheet
  • December 31, 2011
  • Assets Liabilities and Equity
  • Cash $ 16,000 Accounts payable $ 23,500
  • Short-term investments 8,400 Accrued wages payable 4,400
  • Accounts receivable, net 30,000 Income taxes payable 3,200
  • Notes receivable (trade)* 7,000 Long-term note payable, secured
  • Merchandise inventory 38,150 by mortgage on plant assets 71,400
  • Prepaid expenses 2,650 Common stock 105,000
  • Plant assets, net 147,300 Retained earnings 42,000

Total assets $ 249,500 Total liabilities and equity $ 249,500
These are short-term notes receivable arising from customer (trade) sales.

Required:
Compute the following. (Use 365 days a year. Do not round intermediate calculations and round your final answers to 1 decimal place. Omit the "%" sign in your response):

(1) Current ratio to
(2) Acid-test ratio to
(3) Days' sales uncollected (including note) days
(4) Inventory turnover times
(5) Days' sales in inventory days
(6) Debt-to-equity ratio to
(7) Times interest earned times
(8) Profit margin ratio %
(9) Total asset turnover times
(10) Return on total assets %
(11) Return on common stockholders' equity %




Put your comment
 
Minimize


Ask Question & Get Answers from Experts
Browse some more (Accounting Basics) Materials
Hodge Inc. has some material that originally cost $74,600. The material has a scrap value of $57,400 as is, but if reworked at a cost of $1,500, it could be sold for $54,500
Journalize Fidelity's distribution of the stock dividend on May 11. What was the overall effect of the stock dividend on Fidelity's total assets? On total liabilities? On to
Choose 5 attributes to describe yourself. These should be a mixture of ascribed and achieved statuses - How do these attributes contribute to how you view yourself and how you
HI6025 Accounting Theory and Current Issue - Identification and discussion of the theory and concepts relevant to the selected article and Analysis and demonstrated level of u
Teton Corporation issued $600,000 of 7% bonds on November 1, 2011, for $644,636. The bonds were dated November 1, 2011, and mature in 10 years, with interest payable each May
What is the expected return of this asset? What is Esperanza's expected utility? What is her certainty equivalent? Suppose that Esperanza can purchase insurance that guarantee
The auditors compare information on canceled checks with information contained in the cash disbursement journal. The objective of this test is to determine that:
A plethora of situations exist in the business world and each circumstance necessitates a fitting communication channel. Since every channel varies in the ability to express