Simeon Company’s year-end balance sheets follow. Express the balance sheets in common-size percents.

Round amounts to the nearest one-tenth of a percent. Analyze and comment on the results.

At December 31 2009 2008 2007 Assets Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 31,800 $ 35,625 $ 37,800 Accounts receivable, net . . . . . . . . . . . . . . . . 89,500 62,500 50,200 Merchandise inventory . . . . . . . . . . . . . . . . . 112,500 82,500 54,000 Prepaid expenses . . . . . . . . . . . . . . . . . . . . . 10,700 9,375 5,000 Plant assets, net . . . . . . . . . . . . . . . . . . . . . . 278,500 255,000 230,500 Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . $523,000 $445,000 $377,500 Liabilities and Equity Accounts payable . . . . . . . . . . . . . . . . . . . . . $129,900 $ 75,250 $ 51,250 Long-term notes payable secured by mortgages on plant assets . . . . . . . . . . . . . 98,500 101,500 83,500 Common stock, $10 par value . . . . . . . . . . . . 163,500 163,500 163,500 Retained earnings . . . . . . . . . . . . . . . . . . . . . 131,100 104,750 79,250 Total liabilities and equity . . . . . . . . . . . . . . . . $523,000 $445,000 $377,500.AppendixLO1