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Compute the following use 365 days a year do not round
Course:- Accounting Basics
Reference No.:- EM13601507




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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 %




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