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[answered] MCM Industries The following information was obtained from


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.


MCM Industries

 

The following information was obtained from the records of MCM Industries: Accounts Payable

 

Accounts Receivable

 

Building, Furniture and fixtures, net

 

Cash

 

Common stock

 

Cost of goods sold

 

General and Adm. expense

 

Income tax expense

 

Interest expense

 

Inventory

 

Long-term debt

 

Long Term Notes Payable

 

Other current assets

 

Other accrued payables

 

Retained earnings

 

Sales

 

Selling expense December 31,

 

2012

 

$ 79,000

 

325,000

 

1,161,000

 

$ 165,000

 

1,140,332

 

13,823,440

 

2,682,000

 

994,000

 

29,000

 

1,095,000

 

211,000

 

85,000

 

162,000

 

18,000

 

1,374,668

 

$ 20,632,000

 

640,000 December 31,

 

2011

 

$ 69,200

 

332,200

 

1,161,000

 

$ 188,000

 

1,248,000

 

12,533,300

 

2,314,000

 

1,337,000

 

38,000

 

1,064,000

 

256,000

 

110,000

 

165,000

 

16,000

 

1,211,000

 

$ 19,282,000

 

578,000 Required:

 

1. Prepare an Income Statement and a Balance Sheet for MCM Corporation for 2011 and

 

2012.

 

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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