Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please answer i will thumbs up thanks! Required information Use the following information for the Exercises below. (Algo) (The following information applies to the questions
please answer i will thumbs up thanks!
Required information Use the following information for the Exercises below. (Algo) (The following information applies to the questions displayed below] Simon Company's year-end balance sheets follow. Current Year 1 Year ago 2 Years Ago At December 31 Assets Canh Accounts receivable, net Merchandise inventory Prepaid expenses Plant anneta, net Total ansata Liabilities and Equity Accounts payable Long-term notos payable Common stock, 510 par value Retained earnings Total liabilities and equity $36,289 106,207 127,053 11,228 322, 229 $ 603,006 $ 42,418 74.232 99,054 10,916 293,213 $ 519,833 $ 42,886 55,500 60,910 4,718 260,686 $ 424,700 $ 154,653 113,365 163,500 171,488 $.603,006 $ 86,973 121,953 162,500 148,407 $ 519,833 $ 54,379 93,859 162,500 113,962 $ 424,700 For both the current year and one year ago, compute the following ratios: Required information 1. Express the balance sheets in common-size percents. 2. Assuming annual sales have not changed in the last three years, is the change in accounts receivable as a percentage of total assets favorable or unfavorable? 3. Assuming annual sales have not changed in the last three years, is the change in merchandise inventory as a percentage of total assets favorable or unfavorable? Complete this question by entering your answers in the tabs below. Red 1 Reg 2 and 3 Express the balance sheets in common-size percents. (Do not round Intermediate calculations and round your final percentage answers to 1 decimal place.) SIMON COMPANY Common-Str. Comparative Balance Sheets December 31 Current Year 1 Year Ago 2 Years Ago Assets Cash Accounts receivable.net Merchandise inventory Prepaid expenses Piant assets, not Total assets Liabilities and Equity Accounts payable 5 Saved 0 Required information Req 1 Req 2 and 3 ed Express the balance sheets in common-size percents. (Do not round inte answers to 1 decimal place.) SIMON COMPANY Common-Size Comparative Balance Sheets December 31 Current Year 1 Year Ago 2 Years Ago 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 Retained earnings Total liabilities and equity % % % % % RO Ron 2nd 2 Complete this question by entering your answers in the tabs below. Rea 1 Reg 2 and 3 2. Assuming annual sales have not changed in the last three years, is the change in accounts receivable as a percentage of total assets favorable or unfavorable? 3. Assuming annual sales have not changed in the last three years, is the change in merchandise Inventory as a percentage of total assets favorable or unfavorable? Show less 2. Change in accounts receivabilo 3. Change in merchandise inventory 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