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Heidi 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;
Heidi 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. * These are short-term notes receivable arising from customer (trade) sales. sorry for the formatting, it's a little confusing. However i need to find: 1. current ratio 2.total asset turnover 3. return on total assets 4. return on common stockholder's equity. I thought I knew how to calculate all of these but something just isn't right and i can't seem to get the correct answer?? Please help
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