- income levy
- inventory control system
Selected year-end financial statements of McCord Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31, 2010, were inventory, $46,900; total assets, $179,400; common stock, $110,000; and retained earnings, $53,348.)
McCORD CORPORATION
Income Statement
For Year Ended December 31, 2011
Sales $ 454,600
Cost of goods sold 297,350
Gross profit 157,250
Operating expenses 98,700
Interest expense 4,900
Income before taxes 53,650
Income taxes 21,612
Net income $ 32,038
McCORD CORPORATION
Balance Sheet
December 31, 2011
Assets | Liabilities and Equity
Cash $ 16,000 | Accounts payable $ 19,500
Short-term investments 9,400 | Accrued wages payable 3,600
Accounts receivable, net 29,400 | Income taxes payable 4,100
Notes receivable (trade)* 7,000 | Long-term note payable, secured
Merchandise inventory 38,150 | by mortgage on plant assets 66,400
Prepaid expenses 3,050 | Common stock 110,000
Plant assets, net 147,300 | Retained earnings 46,700
Total assets $ 250,300 Total liabilities and equity $ 250,300
* 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.)
(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 ____%
McCORD CORPORATION
Income Statement
For Year Ended December 31, 2011
Sales $ 454,600
Cost of goods sold 297,350
Gross profit 157,250
Operating expenses 98,700
Interest expense 4,900
Income before taxes 53,650
Income taxes 21,612
Net income $ 32,038
McCORD CORPORATION
Balance Sheet
December 31, 2011
Assets | Liabilities and Equity
Cash $ 16,000 | Accounts payable $ 19,500
Short-term investments 9,400 | Accrued wages payable 3,600
Accounts receivable, net 29,400 | Income taxes payable 4,100
Notes receivable (trade)* 7,000 | Long-term note payable, secured
Merchandise inventory 38,150 | by mortgage on plant assets 66,400
Prepaid expenses 3,050 | Common stock 110,000
Plant assets, net 147,300 | Retained earnings 46,700
Total assets $ 250,300 Total liabilities and equity $ 250,300
* 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.)
(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 ____%
Please help with accounting question?
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