McCormick Company Inc is one of the world s leading

#2423
McCormick & Company, Inc. is one of the world’s leading producers of spices, herbs,
seasonings, condiments, and other flavorings for foods. Its products are sold to consumers, with
some of the leading brands of spices and seasonings, as well as to industrial producers of
foods. McCormick’s consolidated balance sheets for 2012 and 2013 follow.Refer to the
information for McCormick above. Additional information for 2013 is as follows (amounts in
millions):Total credit sales (all on credit) .... $4,123.4Costs of goods sold ......... 2,457.6Net
income ........... 389.0Required:Compute the following ratios for 2013. Provide a brief description
of what each ratio reveals about McCormick.1. Return on common equity2. Debt-to-assets3.
Debt-to-equity4. Current5. Quick (McCormick uses cash and equivalents, short-term securities,
and receivables in their quick ratio calculation.)6. Inventory turnover days7. Accounts receivable
turnover days8. Accounts payable turnover days9. Operating cycle (in days)10. Total asset
turnoverView Solution:
McCormick Company Inc is one of the world s leading

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