+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
What method for depreciation does WAG use and is this method generally accepted? Calculate the amount of 2011 depreciation expense that WAG recorded on the old computer equipm
Find the work done in pumping the water out of the top of a cylindrical tank 3.00 ft in radius and 10.0 ft high, given that the tank is initially full and water weighs 62.4
Explain how each of these events affect the accounting equation by writing the letter I for increase, the letter D for decrease, and NA for does not affect under each of the c
Write a brief paper on the CAFR and a separate paper on the NFP. Relate topics from our textbook to your entity. Our discussion postings should assist you in completing your
Prepare an excel worksheet with 3 tabs. A fair value allocation that shows the calculation of goodwill relative to the acquisition, and calculates the annual amount of amort
In April 2006, ABC Motors had Total Sales of $100,000; Total Expenses of $60,000 and a beginning balance of Retained Earnings of $25,000. The company will pay a $10,000 divi
A company produces and sells pillows. It expects to sell 10,000 pillows in the year 2012 and had 1,000 pillows in finished goods inventory at the end of 2011.
Required: Now assume that the Fed lowers the reserve requirement to 8%. What is the maximum amount of new loans that this bank can make? Assume that the bank makes these loans