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Good morning! I am going wrong somewhere, could someone help me ? Simon Company's year-end balance sheets follow. Current Yr 1 Yr Ago 2 Yrs
Good morning! I am going wrong somewhere, could someone help me?
Simon Company's year-end balance sheets follow. Current Yr 1 Yr Ago 2 Yrs Ago At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity $ 33,162 89,500 114, eee 18,679 298,349 $ 545, 690 $ 38,763 $ 38,810 62,780 51,900 83,500 57,000 10,175 4,312 275, 284 228,578 $ 478,422 $ 380,600 $ 139,953 $ 81,886 $ 51,746 185,667 162,50 137,570 111,443 86,636 162,50 162,580 114,593 79,718 $ 478,422 $ 380,680 $ 545, 690 The company's Income statements for the current Year and 1 Year Ago, follow. Assume that all sales are on credit: For Year Ended December 31 Sales Cost of goods sold Other operating expenses Interest expense Income tax expense Total costs and expenses Net income Earnings per share Current Yr $ 789,397 $ 432,732 219,913 12,060 9,222 673,927 $ 35,470 1 Yr Ago $ 559,882 $363,871 141,630 12,875 8,397 526,773 $ 33,029 $ 2.18 $ 2.23 Exercise 13-8 Part 1 (1-a) Compute days' sales uncollected. (1-6) For each ratio, determine if it improved or worsened in the current year. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Compute days' sales uncollected. = Days' Sales Uncollected Choose Numerator: 1 Choose Denominator: Average accounts receivable, net I Net sales $ 673,927 / Days 365 Days' Sales Uncollected Days' Sales Uncollected = 0 days Current Yr: 1 Yr Ago: S 526,7737 x o daysStep by Step Solution
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