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McCord Corporation Accounting Problem-MBA-Accounting Principles II




Question;Selected year-end financial statements of;McCord Corporation follow. (All sales were on credit, selected balance sheet;amounts at December 31, 2010, were inventory, $53,900, total assets, $219,400;common stock, $115,000, and retained earnings, $52,948.);McCORD CORPORATION;Income;Statement;For Year;Ended December 31, 2011;Sales $;454,600;Cost;of goods sold 297,950;Gross;profit 156,650;Operating expenses 98,500;Interest expense 4,800;Income;before taxes 53,350;Income;taxes 21,492;Net;income $;31,858;McCORD CORPORATION;Balance;Sheet;December;31, 2011;Assets Liabilities and Equity;Cash $;20,000 Accounts payable $ 21,500;Short-term investments 8,200 Accrued wages payable 3,200;Accounts receivable, net 31,800 Income taxes payable 4,600;Notes;receivable (trade)* 6,000 Long-term note payable, secured;Merchandise inventory 34,150 by mortgage on plant assets 64,400;Prepaid expenses 2,900 Common stock;115,000;Plant;assets, net 149,300;Retained earnings 43,650;Total;assets $;252,350 Total liabilities and equity $;252,350;* 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


Paper#37905 | Written in 18-Jul-2015

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