Determine the financial statements of mccord corporation


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.
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
%

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Accounting Basics: Determine the financial statements of mccord corporation
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