P12-04A Galley Corp P13-04A McCord Corporation - GB 518 Unit 6 Assignment

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GB 518 Unit 6 Assignment - EXCEL TEMPLATE


P12-04A Galley Corp. a merchandiser recently completed its 2011 operations.  For the year:
1 all sales are credit sales
2 all credits to Accounts Receivable reflect cash receipts from customers
3 all purchases of inventory are on credit
4 all debits to Accounts Payable reflect cash payments for inventory.
5 Other Expenses are all cash expenses
6  any change in Income Taxes Payable reflects the accrual and cash payments of taxes. The company's balance sheets and income statement follow.


Additional information on Year 2011 Transactions

a Purchased equipment for $36,000 cash
b Issued 12,000 shares of common stock for $5 cash per share.
c Declared and paid $111,000 in cash dividends.

Prepare a complete statement of cash flows; report its cash inflows from operating activities according to the indirect method.


P13-04A Selected year-end financial statements of McCord Corporation
1 All sales were on credit
2 Selected balance amounts at December 31, 2010 were: 
Inventory $32,400 
Total assets $182,400
Common stock $90,000
Retained earnings $31,300


Compute the following 
1 Current ration
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
11 -Return on common stockholder's equity

    • 8 years ago
    P12-04A Galley Corp P13-04A McCord Corporation - GB 518 Unit 6 Assignment
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