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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, $49,900; total
Selected year-end financial statements of McCord Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31, 2010, were inventory, $49,900; total assets, $169,400; common stock, $105,000; and retained earnings, $52,748.) McCORD CORPORATION Income Statement For Year Ended December 31, 2011 Sales $ 453,600 Cost of goods sold 297,550 Gross profit 156,050 Operating expenses 98,600 Interest expense 4,700 Income before taxes 52,750 Income taxes 21,250 Net income $ 31,500 McCORD CORPORATION Balance Sheet December 31, 2011 Assets Liabilities and Equity Cash $ 16,000 Accounts payable $ 23,500 Short-term investments 8,400 Accrued wages payable 4,400 Accounts receivable, net 30,000 Income taxes payable 3,200 Notes receivable (trade)* 7,000 Long-term note payable, secured Merchandise inventory 38,150 by mortgage on plant assets 71,400 Prepaid expenses 2,650 Common stock 105,000 Plant assets, net 147,300 Retained earnings 42,000 Total assets $ 249,500 Total liabilities and equity $ 249,500 * 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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