Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

need some help with this At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Cash $ 30,573 35,376 $ 36, 121 Accounts

need some help with this

image text in transcribedimage text in transcribed
At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Cash $ 30,573 35,376 $ 36, 121 Accounts receivable, net 91, 296 61,908 50, 618 Merchandise inventory 114, 787 81, 808 52, 867 Prepaid expenses 10,243 9, 665 4, 218 Plant assets, net 276, 525 262, 471 228, 476 Total assets $523, 424 $ 451, 228 $ 372, 300 Liabilities and Equity Accounts payable $134, 243 $ 73,970 $ 49,144 Long-term notes payable secured by mortgages on plant assets 96, 436 100,669 80, 633 Common stock, $10 par value 162, 500 162,500 162,500 Retained earnings 130, 245 114,089 80, 023 Total liabilities and equity $523, 424 $ 451, 228 $ 372, 300 The company's income statements for the Current Year and 1 Year Ago, follow. For Year Ended December 31 Current Yr 1 Yr Ago Sales $680, 451 $ 536, 961 Cost of goods sold $415, 075 $349 , 025 Other operating expenses 210,940 135, 851 Interest expense 11, 568 12, 350 Income tax expense 8, 846 8 , 054 Total costs and expenses 646, 429 505, 280 Net income $ 34, 022 $ 31, 681 Earnings per share S 2.09 $ 1.95Simon Company's year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Cash $ 30,573 $ 35, 376 $ 36, 121 Accounts receivable, net 91, 296 61,908 50, 618 Merchandise inventory 114, 787 81, 808 52, 867 Prepaid expenses 10, 243 9, 665 4, 218 Plant assets, net 276,525 262, 471 228, 476 Total assets $523, 424 $ 451, 228 $ 372, 300 Liabilities and Equity Accounts payable $134, 243 $ 73,970 $ 49, 144 Long-term notes payable secured by mortgages on plant assets 96, 436 100, 669 80, 633 Common stock, $10 par value 162, 500 162,500 162,500 Retained earnings 130, 245 114, 089 80, 023 Total liabilities and equity $523, 424 $ 451, 228 $ 372, 300 The company's income statements for the Current Year and 1 Year Ago, follow. For Year Ended December 31 Current Yr 1 Yr Ago Sales $680, 451 $ 536, 961 Cost of goods sold $415, 075 $349, 025 Other operating expenses 210,940 135, 851 Interest expense 11, 568 12, 350 Income tax expense B, 846 8,054 Total costs and expenses 646, 429 505, 280 Net income $ 34, 022 $ 31, 681 Earnings per share S 2.09 S 1.95 For both the Current Year and 1 Year Ago, compute the following ratios

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting For Managers

Authors: Eric Noreen

1st Edition

73526975, 978-0073526973

More Books

Students also viewed these Accounting questions

Question

The personal characteristics of the sender

Answered: 1 week ago

Question

The quality of the argumentation

Answered: 1 week ago