Need help with this assignment please. Need detailed information and has to be done in Microsoft Excel. Directions are within the attached file. Thank you in advance for your help.
The following information was obtained from the records of MCM Industries: Accounts Payable
Building, Furniture and fixtures, net
Cost of goods sold
General and Adm. expense
Income tax expense
Long Term Notes Payable
Other current assets
Other accrued payables
Selling expense December 31,
640,000 December 31,
1. Prepare an Income Statement and a Balance Sheet for MCM Corporation for 2011 and
2. Prepare a vertical analysis of the Balance Sheet and Income Statement for 2011 and
2012. Note any areas of concern and suggested actions management may need to take to
address the areas of concern.
3. Compute the following ratios for both years:
? Current ratio
? Quick ratio
? Inventory Turnover ratio
? Debt to equity ratio
? Times interest earned
? Return on equity
? Gross margin percentage
4. Industry Comparison - Compare the performance of MCM Industries to the 2012 industry
ratios below and identify differences between the ratios of MCM and the industry
averages. Include any explanation on why a ratio may be higher or lower than the Page 1 of 2 industry average. You should also include any actions management needs to take to
bring the ratios of MCM more in line with the industry averages.
Industry average ratios:
? Current ratio ? Quick (Acid) ratio 4.0 to 1 ? Inventory turnover 6.2 times ? Debt to equity ratio .68 to 1 ? Time Interest Earned ? Return on Equity 68% ? Gross Margin Percentage 45% 5.8 to 1 70.4 times Page 2 of 2
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