Selected year-end financial statements of McCord Corporation follow.?

Selected year-end financial statements of McCord Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31, 2010, were inventory, $32,400; total assets, $182,400; common stock, $90,000; and retained earnings, $31,300.)

McCORD CORPORATION

Income Statement

For Year Ended December 31, 2011

Sales $ 348,600

Cost of goods sold 229,150

Gross profit 119,450

Operating expenses 52,500

Interest expense 3,100

Income before taxes 63,850

Income taxes 15,800

Net income $ 48,050

McCORD CORPORATION

Balance Sheet

December 31, 2011

Assets Liabilities and Equity

Cash $ 9,000 Accounts payable $ 16,500

Short-term investments 7,400 Accrued wages payable 2,200

Accounts receivable, net 28,200 Income taxes payable 2,300

Notes receivable (trade)* 3,500 Long-term note payable, secured

Merchandise inventory 31,150 by mortgage on plant assets 62,400

Prepaid expenses 1,650 Common stock 90,000

Plant assets, net 152,300 Retained earnings 59,800

Total assets $ 233,200 Total liabilities and equity $ 233,200

* These are short-term notes receivable arising from customer (trade) sales.

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

(2) Acid-test ratio

(3) Days' sales uncollected

(4) Inventory turnover

(5) Days' sales in inventory

(6) Debt-to-equity ratio

(7) Times interest earned

(8) Profit margin ratio

(9) Total asset turnover

(10) Return on total assets

(11) Return on common stockholders' equity

3 Answers

Relevance
  • 7 years ago
    Favorite Answer

    a. 3.9 to 1

    b. 2.3 to 1

    c. 33.2 days

    d. 7.2 times

    e. 49.6 days

    f. 0.56 to 1

    g. 21.6 times

    h. 13.8%

    i. 1.7 times

    j. 23.1%

    k. 35.4%

  • meggi
    Lv 4
    3 years ago

    Mccord Corporation

  • 4 years ago

    Sharee, You have to tell us what it is your asking. All you've done is list out the income statement and the balance sheet.

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