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hi7 Part 1 of 3 oints 024105 Required information [The following information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. At
hi7 Part 1 of 3 oints 024105 Required information [The following information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. 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 Common stock, $10 par value Retained earnings Total liabilities and equity Current Year $ 30,800 87,800 111,000 10,400 279,000 $ 519,000 $ 128,000 96,000 160,500 134,500 $ 519,000 Current Year 1 Year Ago $ 463,150 243,350 12,000 9,600 $ 35,750 62,000 81,800 9,300 257,000 $ 445,850 $ 75,000 100,250 160,500 110,100 $ 445,850 $ 785,000 2 Years Ago The company's income statements for the Current Year and 1 Year Ago, follow. For Year Ended December 31 Sales Cost of goods sold Other operating expenses Interest expense Income tax expense Total costs and expenses Net income 728,100 $ 56,900 $3.55 $ 38,400 50,500 52,500 5,200 235,000 $ 381,600 $ 50,200 83,800 160,500 87,100 $ 381,600 1 Year Ago $ 352,000 126,500 12,500 8,975 $ 550,000 499,975 $ 50,025 $ 3.12
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