+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
Linda is a qualifying widow in 2010. In 2010, she reported $75,000 of taxable income (all ordinary). What is her gross tax liability using the tax rate schedules?
The auditors wish to test the valuation of accounts receivable in the audit of Seaside Enterprises. The client has $5,000,000 of total recorded receivables, composed of 2500
According to the textbook, the balance sheet is important to investors and creditors because it provides important information about the amounts of investments, obligations
Include a cover page containing the title of the assignment, the student's name, the professor's name, the course title, and the date. The cover page and the reference page
What was the gain or loss on the sale? On which financial statement would the gain or loss appear? What information does this accounting calculation provide for future decis
What is a master budget? What are some underlying budgets that form the master budget? What is the budgeting process at your organization? Is it effective? Why or why not?
Greener Grass Company (GGC) competes with its main rival, Better Lawns and Gardens (BLG), in the supply and installation of in-ground lawn watering systems in the wealthy west
On January 1, 2010, Kentwood Company issued bonds with a face value of $800,000. The bonds carry a stated interest of 7% payable each January 1 and July 1. Prepare the journ