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;...

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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, $32,400; total assets, $182,400; common stock, $90,000; and retailed earnings, $31,300.) Income Statement 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 Balance Sheet Assets: Cash - $9,000 Short term investments ' 7,400 Accounts receivable, net ' 28,200 Notes receivable (trade) ' 3,500 Merchandise inventory ' 31,150 Prepaid expenses ' 1,650 Plant assets, net ' 152,300 Total assets - $233,200 Liabilities and Equity: Accounts Payable - $16,500 Accrued wages payable ' 2,200 Income taxes payable ' 2,300 Long-term note payable, secured by mortgage on plant assets ' 62,400 Common stock ' 90,000 Retailed earnings ' 59,800 Total liabilities and equity - $233,200 Compute the following: (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, and (11) return on common stockholders equity.

Answered Same DayDec 24, 2021

Answer To: Selected year-end financial statements of McCord Corporation follow. (All sales were on credit;...

David answered on Dec 24 2021
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