Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Help Simon Company's year-end balance sheets follow. Current YT 1 Yr Ago 2 Yrs Ago At December 31 Assets Cash Accounts receivable, net Merchandise inventory
Help Simon Company's year-end balance sheets follow. Current YT 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 $ 34,978 89,000 113,000 11,264 344,611 $592,853 $ 40,886 $ 42,164 62,700 51,800 82,500 56.000 10,733 4,685 314,261 271, 251 $ 511,080 $ 425,900 $147,620 $ 86,373 $ 56,219 111,456 162,500 171,277 $592,853 117,548 94,124 162,500 162,500 144,659 113,057 $ 511,080 $ 425,900 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 Current Ye $ 770,709 $ 470,132 238,920 13,102 10,019 732,173 $ 38,536 $ 2.37 1 Ye Ago $ 608,185 $ 395,320 153,871 13,988 9,123 572,302 $ 35,883 $ 2.21 Earnings per share (3-a) Compute inventory turnover. (3-6) For each ratio, determine if it improved or worsened in the current year Earnings per share $ 2.37 $ 2.21 (3-a) Compute inventory turnover. (3-6) 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 3A Required 3B Compute Inventory tu er. Inventory Turnover Choose Denominator: Choose Numerator: Inventory Turnover Inventory turnover Current Yr: times 1 Yr Ago: times Required 3B > Moy
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started